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Rupee up by 10 paise

The rupee opened steady at Rs 42.72/74, and hovered at the same levels for the most part of the day due to lack of dollar demand. At the fag end, the State Bank of India entered the market and started selling dollars, helping the rupee appreciate by 10 paise and close at Rs 42.62/64 levels.

According to forex dealers, the market was reported very quiet with not much movement during the day and the slight dollar demand was met by dollar selling by the exporters.

Meanwhile, the long-term forward premiums came off by about 8 to 10 paise premium while the six-month annualised premium was quoted at 10.91 per cent. Cash/spot business was done between 3 to 4 paise premium for the day.

In the overseas market, the yen strengthened slightly against the dollar while mark and the pound sterling remained steady.

The monthly premiums, in paise, were July 38-41, August 78-81, September 118-122, October 150-154, November 188-192, December 228-232, January 269-274, and February 309-314 respectively.

The Reserve Bank of India fixed the reference rate at Rs 42.71 as against yesterday's fix of Rs 42.60 per dollar.

UNI