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Rupee lets go initial gains, loses 3 paise, 42.43/45

The Indian rupee lost the initial gain at the fag end of trading and closed lower by three paise against the American greenback following good demand for dollars from corporate and importers at the interbank foreign exchange (forex) market today.

The rupee opened firm at 42.38/40 and further improved to Rs 42.36/37 in the noon, and it declined to Rs 42.45/46 on the heavy dollar demand from corporates coupled with moderate import booking and closed at Rs 42.43/45, forex dealers said.

The forward premiums firmed up marginally due to some paying pressure. State Bank of India was seen receiving in the far forwards, dealers said.

On an annualised basis forward dollar premiums for one month closed at 4.05 per cent against 4.25 per cent, three months premium closed at 6.03 per cent against 6.13 per cent, six months closed at 7.35 as against 7.28 and one year ended at 8.34 per cent as against 8.31 per cent.

Monthly forward dollar premiums (in paise) were: July 1-1.50, August 17-18, September 39-42, October 69-71, November 100-105, December 130-135, January 161-166, February 190-195 and March 225-230.

The rupee established moderate gain against European currencies in the overseas market today.

The Indian unit closed at Rs 69.69 against Rs 69.88 per pound while it ended at Rs 23.76 against deutsche mark. The rupee finished at 30.16 against Japanese yen from yesterday's close of Rs 30.33.

UNI