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Rupee loses six paise

The rupee opened steady at Rs 39.47-49, and hovered at the same levels for the major part of the day due to negligible commercial demand. However, towards the close it came under pressure when the SBI entered the market and made good purchases which pushed the rupee lower to Rs 39.53-54 per dollar for the day.

Similarly, even the forward premiums were quoted lower by 0.4 per cent over yesterday's levels due to receiving pressure, a dealer said. The cash to spot opened at 2 to 2.5 paise level and ended at the same levels.

In the overseas market, the dollar remained bullish against various other European currencies with not much activity, a dealer said.

The six-month annualised premium was quoted at 11.63 per cent while the monthly premiums ended at spot/March 19-21, spot/April 62-65, spot/May 94-99 spot/June 130-135, spot/July 174-179, spot/August 213-218, spot/September 252-257, spot/October 289-294, spot/November 324-329, spot/December 355-360 and spot/January 390-397 paise.

The Reserve Bank of India fixed the reference rate at Rs 39.48 per dollar against yesterday's fix of Rs 39.50.

UNI