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Rupee gains a wee bit

The rupee opened lower at Rs 40.58/63, strengthened to the day's high of Rs 40.38/41 level in the mid session before closing at Rs 40.50/55 as against the previous close of Rs 40.55/57. Major market player state bank of India (SBI) today did both buying and selling around Rs 40.42/48 levels, as the market sentiment remained quiet.

Nominal merchant bookings were done in spot dollar and forward dollars, dealers said. The six-month annualised premium was calculated at 8.31 per cent while the yearly premium was worked out to 8.53 per cent.

The forward premiums remained almost steady with cash/spot 0.75-1 paisa premium while the cash/tom was leveled at 0.25 paisa. The monthwise premium in paise are may 6-7 paise, June 30-32 paise, July 60-62 paise, August 89-92 paise, September 121-123 paise, October 149-152 paise, November 178-181 paise and December 208-212 paise.

The pound sterling was quoted at Rs 65.63, mark at Rs 22.68 and yen at Rs 29.90. Meanwhile, the Reserve Bank of India has fixed the reference rate at Rs 40.45 per US dollar against the previous working day's fix of Rs 40.76 per unit.

UNI