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Rupee steady due to poor demand, moderate selling; Rs 42.56/57 vs $

The rupee opened at Rs 42.5750/5850, firmed up at Rs 42.58/59 and ended at Rs 42.5650/5750 from the previous close of Rs 42.57/58. The rupee registered a gain of half-a-paise.

The forward premia remained steady on dull booking by importers and corporates. Monthly premia (in paise) were 5-7 for December, 26-28 for January, 49-52 for February, 79-82 for March, 112-115 for April, 143-146 for May and 174-177 for June. The six-month annualised premia ended at 7.51 per cent, while one-year premia at 8.38 per cent.

Cash/spot closed at 0.50-1.00 paise, tomorrow/spot at 0.25-0.50 paise and cash/tomorrow at 0.00-0.25 paise.

At the Tokyo market, US dollar/Japanese yen took a dive today, sinking below 116.00 in the afternoon to hit 116.05, the lowest level seen since November four. Dollar/yen's earlier gains to 116.68 on the Bank of Japan's release of a dismal December ''Tankan'' survey soon evaporated when remarks from the US ambassador to Japan about Japan-US trade tensions prompted sales in the pair.

Dollar/deustche mark was range-bound today -- moving within a 24-point band. Mark/yen fell below 70.50 after a rally to 70.98, tracking dollar/yen's moves.

Back home, pound sterling ended at Rs 71.71, German mark at Rs 25.77 and Japanese yen at Rs 35.78 against the rupee.

The reference rate of the Reserve Bank of India was unchanged at Rs 42.49 per US dollar.

UNI

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