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Rupee loses by 43 paise to crash through Rs 42 mark

The rupee opened almost steady at Rs 41.79-82 level and started depreciating. It crossed the pyschological barrier of Rs 42.00 to settle at its lowest level of Rs 42.22/24 per dollar at the fag end.

The rupee came under pressure from all sides, forcing it to close at Rs 42.22/24 levels with even the State Bank of India reportedly moving along with the market and quoting at Rs 42.00 and above levels, a dealer said.

He added that the Reserve Bank of India did not intervene directly and it also instructed the SBI not to hold the rupee at Rs 41.80 level where it had been pegged for a week.

The forex market was reported very active with heavy demand and less dollar supply.

The forwards also moved up due to panic import booking. The six-month annualised premium was quoted at 10.02 paise premium while the one-year premium was 10.30 paise premium.

The cash spot for today was 0.25 to 0.50 paise premium. The monthly premiums were: June 16-18 paise, July 52-55 paise, August 90-93 paise, September 126-129 paise, October 159-163 paise, November 195-200 paise, December 233-238 paise, January 270-277 paise, Feburary 309-314 paise, March 347-352 paise, April 387-391 paise, and May 420-426 paise.

The cross curriencies did not show much movement with the pound sterling closing at Rs 68.90, mark at Rs 23.70, and yen at Rs 30.10 per 100 yen.

The Reserve Bank of India fixed the reference rate at Rs 42.15 per dollar as against its previous fix of Rs 41.80 per US unit.

UNI