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Rupee remains steady

The Indian rupee remained more or less steady in the spot segment compared to the previous day's movement, while the half-yearly forward premia touched the highest level of 12.35 per cent at the Interbank Foreign Exchange market.

The Reserve Bank of India which constantly intervened in the forwards in the last couple of days was not seen in the market, dealers said.

In the forward segment, all the monthly premiums shot up sharply. The October premia went on to touch a level of 365-375 paise from the opening level of 285-295 paise premium. The one yearly forward premia also rose to 10.81 per cent from the previous 8.60.

Leading forex dealers said this was because of the release of Mody's credit rating report on India.

In the spot, the rupee opened at 39.65/75, lower from the Wednesday's close of 39.62/72 per dollar, and closed at 39.62/67.

''The rupee hovered at the Rs 39.62/67 level for most of the day, and activities were very quiet compared to the previous trading session,'' a senior dealer said.

Cash-spot business was also done at the higher Rs 5-6 and Rs 3.5-4.00 levels.

The State Bank of India participated actively in the market and reportedly sold dollars in the spot.

The Reserve Bank of India fixed the reference rate at Rs 39.65 as against Rs 39.57 of the last working day.

Forward premiums in paise were 27.00-29.00 for January, 70.00-75.00 for February, 117.00-125.00 for March, 162.00-168.00 for April, 195.00-207.00 for May, 225.00-235.00 for June, 255.00-265.00 for July, 295.00-303.00 for August, 335.00-345.00 for September, 365.00-375.00 for October, 395.00-405.00 for November and 425.00- 435.00 for December.

The rupee opened at 64.43 against the pound sterling and closed at Rs 64.39 over the previous finish of Rs 64.31.

The Indian currency closed at Rs 21.70 and Rs 29.80 against the deutsche mark and Japanese yen (100 yen) over the previous close of Rs 21.72 and Rs 29.95 respectively.

UNI