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Rupee steady

The market opened at Rs 39.70-71 due to marginal demand from corporate sectors and banks and then went up to Rs 39.72-73 during intraday trading, leading dealers said. Later, in the afternoon session, sellers entered the market and strengthened the Indian rupee to Rs 39.68-69 before closing down at Rs 39.70-71.

A amount of export and import booking was conducted in near forwards and marginal amount of export booking was done in farforwards basis in merchant section.

Another dealer said that exporters are eagerly waiting for the announcement of Reserve Bank of India credit policy, in which the central bank may cut the statutory liquidity ratio. Presently, banks have to maintain 25 per cent SLR of their deposits.

The six-month annualised premia worked out to be at 6.64 per cent.

In the swaps section, cash to spot traded at 1-1.25 paise and cash /tom 0.5 to 0.75 paisa premium. The monthly premium were April level to 0.5 paisa, May 11-12 paise premium June 30-32 paise premium, July 51-53 paise premium, August 75-78 paise premium, September 102-104 paise premium, October 131/132 paise premium, November 158/162 paise premium, and December 182-190 paise premium.

The pound sterling was traded at Rs 66.16, mark at Rs 22.07 and yen at Rs 30.15 per 100.

The Reserve Bank of India fixed the reference rate for the US dollar at Rs 39.71 as against Rs 39.69 yesterday.

UNI