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Export news strengthens rupee; Rs 42.45/47

The Indian unit strengthened further by five paise against the American greenback on dollar selling pressure from corporates and banks coupled with government's decision to announce a fresh incentive package for exports in Parliament today, on the interbank foreign exchange market here.

The rupee opened slightly higher at Rs 42.48/51 against the previous close of Rs 42.50/52. In the morning session, due to selling pressure from corporates, the rupee witnessed a day's high of Rs 42.45/47 and finally settled at the same level of Rs 42.45/47 at the fag end of the day, leading dealers said and added that no major activity was witnessed in the market after the government decided to announce a fresh incentive package for export. The country's export reduced from 11 per cent to nine per cent while a slide was also seen in the forwards.

The Reserve Bank of India has fixed the reference rate at Rs 42.47 against the previous fix of Rs 42.55.

Cash to spot business was done lower around 0-9 paise premium and cash to tom was quoted at around 0-12 paise premium.

On an annualised basis, the monthly premium in per cent for the first-month annualised basis premia was traded 3.38, third month at 5.35 and sixth month was at 6.75 while the annualised premia was quoted at 8.15 per cent.

The month-wise premium in per cent were 7-9 for August, 25-28 for September, 49-52 for October, 78-81 for November, 108-112 for December, 137-141 for January, 167-171 for February, 203-207 for March, 236-241 for April, 270-274 for June and 336-341 for July.

In the overseas market, rupee lower against pound sterling Rs 69.52 (69.32), against deutsche mark Rs 23.99 (23.83) and against Japanese yen Rs 29.54 (29.35). In the merchant section a nominal amount of export and import booking were conducted.

UNI