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Rupee stable in spot market

The market opened at Rs 39.53-55 per US unit and remained quiet throughout the day on lack of demand from corporate houses and banks. The market players -- State Bank of India -- preferred to stay away from the market, according to leading dealers

The forward premia, on the other hand, came down marginally following reduction in banks rates by 0.5 per cent and cut in three-day repos rates by the Reserve Bank of India. Future premia gained marginally due to paying pressure at the fag end.

There was no fresh booking for export and import in the merchant section, but some export cancellations were reported. Some of the marketmen were seen booking profits in the forward segment, dealers said.

The six-month annualised premia traded at 7.58 per cent as against the previous yesterday's close of 8.7 per cent, dealers added.

The overseas market also remained quiet. The pound sterling was traded at Rs 65.90 per pound, Deutsche mark at Rs 21.60 per mark, and Japanese yen was quoted at Rs 30.45 per 100 yen.

The cash/spot dollar was quoted at 1.5-1.75 per cent. The monthly premiums in paise were traded at 4-7 for March, 28-33 for April, 51-56 for May, 82-87 for June, 106-111 for July, 130-135 for August, and 160-165 for September.

The Reserve Bank of India maintained the reference for the US dollar at Rs 39.54 per US unit.

UNI