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Rupee slides two paise more

The Indian rupee further depreciated by two paise against the US greenback in an active interbank foreign exchange market today.

Opening at Rs 42.57/60, the rupee slid to Rs 42.64/65 around noon on heavy dollar demand from corporates and banks, later moved up to Rs 42.54/55 level on fresh dollar sales by exporters and less demand, dealers said. The rupee eased towards the end trading and closed at Rs 42.58/60 against the previous close of Rs 42.57/58, weakening about two paise.

Forward premiums also came down slightly on better receiving and less paying pressure. The sixth month premium and the yearly premiums were quoted lower at 9.32 per cent and 10.15 per cent respectively.

The State Bank of India was doing the two-way business of selling and buying the US dollar, dealers said.

Nominal import booking was conducted in near and far forward dollars, dealers said.

Cash/spot business was conducted between 0.75 and 1.25 paise premium while cash/tom was done at around 0.25 paise. The monthwise premia in paise were: July (12-14), August (43-46), September (77-80), October (110-113), November (141-146), December (181-185), January (221-225), February (262-264) and March (301-303).

In the overseas market, the pound sterling, deutsche mark and the Japanese yen weakened a bit against the US dollar. The rupee slightly strengthened against the sterling, deutsche mark and the yen. The sterling was worth Rs 69.50 the deutsche mark Rs 23.33 and 100 yen was worth Rs 30.37.

The Reserve Bank of India has fixed the reference rate for the US dollar two paise lower at Rs 42.59 against Rs 42.61 the previous day.

UNI