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Rupee falls

The Indian unit opened at Rs 38.68-70 per dollar, gradually declined to 38.91 around midsession. Late afternoon demand pushed down the rupee further to close at 38.93-95, registering a decline of about 20 paise over the previous close, said dealers.

Call money rates are steady and showing some easy trend, sent signal to the market participants, said a chief forex dealer at the leading foreign bank. The major market player State Bank of India was there in the market throughout the day, but did not make any attempt to bring the level down, said another dealer at the nationalised bank.

Six months annualised premia also came down sharply to close at 13.82 as against 19.29.

The monthly forward premia also came down sharply compared to the Thursday's level.

The Reserve Bank of India fixed the reference rate at Rs 38.77 per dollar against the previous fix of Rs 38.92 per unit.

Cash to spot business was done between 1.25-1.75 paise premium.

Monthly forward premiums in paise were 38-40 for February, 89-94 for March, 134-139 for April, 175-181 for May, 220-230 for June, 258-268 for July, 285-295 for August, 325-335 for September, 365-375 for October, 400-415 for November, 435-445 for December and 475-495 for January.

One yearly annualised forward premia closed at 12.40 per cent.

Elsewhere, the rupee opened at Rs 63.30 per dollar and closed at Rs 63.40. The Indian moved in the range of Rs 21.15 and Rs 21.23 against the Deutsche mark while it was traded between 30.65 and Rs 30.66 per dollar.

UNI