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Rupee back to Monday level on $ offloading; up two paise, Rs 42.51/52

The rupee recovered further ground on dollar-offloading by a few banks and a general lack of demand for the greenback at the interbank foreign exchange market today.

Opening steady at Rs 42.53/54, the rupee appeared stronger during the day and eventually ended at Rs 42.51/52 a dollar, recording a net gain of two paise.

The forward premia too fell by 2-3 paise. The monthly premia (in paise) ended at 12-14 for January, 31-33 for February, 56-58 for March, 86-88 for April, 115-117 for May, 144-147 for June and 175-178 for July. The six-month annualised premia ended at 7.10 per cent.

Cash/spot and cash/tomorrow ended at 2.00-2.75 paise, while cash/tomorrow finished at 0.50-0.75 paise.

In the Tokyo forex market, moves in dollar/yen were restrained today with most corporate participants absent in the market since last week. Today, even the trading houses were out of the scene, and deals were limited to only some last-minute position adjustments by interbank players.

Dollar/yen rate was sent lower to 115.20, the session's low point, in late afternoon trade.

Back home, the Reserve Bank of India fixed the reference rate at Rs 42.54 per US dollar as against the previous fix of Rs 42.53. The pound sterling ended at Rs 71.20, yen at Rs 36.90 and deutsche mark at Rs 25.46 to a rupee.

UNI

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