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Rupee appreciates marginally

The market opened nearly steady at Rs 40.51/54 per US dollar, moved both the ways reaching a day's high of Rs 40.54/56 and low of Rs 40.48/50 levels, before closing at Rs 40.49/51 against the previous close of Rs 40.50/55.

Nominal merchant booking was conducted in near and far forwards, dealers said. The major market player State Bank of India today did a two-way business.

The six-month annualised premia and the yearly premia were quoted lower at 7.88 per cent and 8.30 per cent respectively as against the 8.31 and 8.53 per cent of the previous day.

The forward premiums came down today moderately. Cash/spot business was conducted at 0.75-1 paisa premium while the cash/tom was done at 0.25-0.5 paisa premium. The monthwise premium in paise was May 3-4 paise, June 24-26 paise, July 52-54 paise, August 80-83 paise, September 109-112 paise, October 140-142 paise, November 168-171 paise, and December 198-201 paise.

Other major currencies like the pound sterling, Deustche mark and Japanese yen remained almost steady against the US dollar and the cross currency market was very dull, dealers said. Pound sterling closed at Rs 65.79, mark at Rs 22.73 and yen at Rs 29.81 per 100 yen.

The Reserve Bank of India fixed the reference rate for US dollar at Rs 40.49 today.

UNI