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Rupee gains by 3 paise

The market opened slightly higher on overnight demand from corporate sectors and main market player, the State Bank of India, all of which continued with their purchases. During the opening session, they bought nominal amount of dollars which drifted higher the dollar to Rs 39.30, leading dealers said.

Another dealer said that after covering the month end demand by the SBI yesterday, the commercial bank started booking its profit at the higher level, which pushed the rupee up to end at Rs 39.24-25.

The forward premiums also came down marginally following receiving pressure from the importers.

The cash to spot dollar was quoted at one paise premium. The monthly premium quoted in paise were 42-44 for March, 105-108 for April, 152-155 for May, 201-204 for June, 250-253 for July, 288-202 for August, 326-330 for September and 366-371 for October.

A good amount of export booking was conducted in cash and spot basis, while marginal amount of import booking was done in near forward basis. The six-month annualised premia was quoted at 14,73 per cent and the yearly annualised premia was traded 13.35 per cent.

The Reserve Bank of India has fixed the reference rate for the dollar at Rs 39.27 as against the previous close of Rs 39.17 per cent.

The pound sterling was quoted at Rs 64.50 , mark at Rs 21.27 and yen traded at Rs 30.71 per 100 yen in the cross currency market.

UNI