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Rupee loses 41 paise

The rupee opened on a weak note of Rs 38.55, compared to yesterday's close of Rs 38.34, immediately saw a further steep of Rs 38.71 level and was traded between Rs 38.40 to Rs 38.75 levels throughout the day. It finally settled down weaker at Rs 38.75-80 per dollar, netting a loss of 41 paise in a single day trading.

The rupee which spurted by 30-35 paise yesterday, saw a sharp fall of 41 paise today following good month-end dollar demand by the corporates and short import covering resulting in a major rupee depreciation, said a forex dealer from the nationalised bank. He said that with Friday being a bank holiday on account of Eid-ul-Fitr, the rupee came under pressure ranking on a weak scale.

Similarly, even the forward premiums slumped by about 20 to 30 paise over yesterday's close due to the Reserve Bank of India's indirect checking, a dealer said with the six-month annualised premium quoted at 15.61 per cent for today.

The cash to spot dollar, which opened higher at 20 to 30 paise premium, ended at 10 to 13 paise due to easy call rates, a dealer said.

The monthly premiums ended at spot/Feb 60-67 paise premium, followed by spot/Mar 112-122, spot/Apr 168-174, spot/May 205-225, spot/Jun 240-255, spot/Jul 275-290, spot/Aug 305-320, spot/Sep 330-350, spot/Oct 370-390, spot/Nov 400-420 and spot/Dec 440-460 paise premium respectively.

On the other hand, the overseas market witnessed active trading with the dollar strengthening against various other European currencies, a dealer at the foreign bank said.

UNI