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Rupee holds steady

Hardly three to four paise movement was witnessed during the day's trading. The market opened nearly constant at Rs 39.47-49 per US unit and hovered in the range of Rs 39.47 and Rs 39.52 before closing at Rs 39.51, leading forex dealers said.

The forward premium opened higher following a spurt in the overnight call money interest rate, but at the fag end, it came down nominally and remained higher than the previous close.

The cash to spot dollar was quoted at 3-3.5 paise premium. The six-month forward dollar quoted in paise were 14-17 for March, 55-58 for April, 88-93 for May, 123-128 for June, 155-160 for July, 194-199 for August, and 229-234 for September.

The sixth month annualised premia worked out to 11 per cent.

A nominal amount of export and import booking was done in cash and spot basis, while marginal amount of export booking was done in the nearforward in merchant section.

Another dealer said that the market player -- the State Bank of India -- was seen in the market, but was not involved in both buying and selling. The bank was receiving nominal amount in month of August and September, they added.

The overseas market also quiet and dull only nominal amount of transaction was conducted within US dollar, pound sterling, Deutsche mark and Japanese yen.

The pound sterling was quoted at Rs 65.11, Deutsche mark at Rs 21.57 and Japanese yen was at Rs 30.64.

The Reserve Bank of India fixed the reference rate for US dollar at Rs 39.51 as against Rs 39.53 on the last working day.

UNI