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Sans SBI, trading turns lacklustre; Rs 42.56/57 vs $

The currency opened at Rs 42.5800/5900 per dollar, touched the day's low of Rs 42.5900/6000 at one stage, but then gradually strengthened to Rs 42.5600/5700 against the previous close of Rs 42.5750/5850.

The absence of State Bank of India was also one of the reasons behind the quiet trend, dealers said and added that the market will witness some action only next week.

Cash-spot business was done at 0.25-0.50 paise premium. Monthly forward premia were closed at 9-11 for December, 29-32 January, 53-56 February, 83-86 March, 116-120 April, 147-151 May, 178-182 June, 211-216 July, 245-250 August, 279-284 September, 312-317 October and 345-351 for November.

Half-yearly annualised premia quoted at 7.49 per cent and yearly premia at 8.39 per cent.

In the cross-currency deals, the rupee opened at Rs 70.20 against pound sterling and closed higher by 23 paise at Rs 70.27 from the previous close of Rs 70.50.

The Indian unit dropped by nine paise to Rs 25.45 against German mark from the previous close of Rs 25.36.

The rupee declined by 13 paise against the Japanese yen and closed at Rs 35.62 against yesterday's close of Rs 35.49.

Elsewhere, the Reserve Bank of India fixed the reference rate at Rs 42.59 as against Monday's rate of Rs 42.57 per dollar.

UNI

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