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Rupee steady in dull trading; Rs 42.27/28 vs $

The rupee remained steady against the greenback in a dull interbank foreign exchange market today.

Opening steady at Rs 42.28/29, the rupee ruled in a very narrow range, easing slightly to Rs 42.29/30 in the morning and later firming up to the opening level.

Dealers said the market was very dull with lower activity and the rupee remained almost steady as the nominal dollar demand was met by scattered sales. The rupee closed steady at Rs 42.2750/2850 at the previous closing level of Rs 42.27/29.

Forward premia eased in the absence of any paying pressure and better receiving. Nominal import booking was conducted in forwards, dealers said.

The near forwards came down by about two/three paise while far forwards were lower by about five paise. The third month, sixth month and yearly annualised premia were quoted marginally lower at 5.83 per cent, 7.22 per cent and 7.42 per cent.

Meanwhile, the Reserve Bank of India fixed the reference rate for US dollar two paise lower at Rs 42.29 against Rs 42.27 of the previous day.

Premium on cash/spot business was 0.75-1 paise. The month-wise premium in paise were: November 5-8, December 24-27, January 50-53, February 76-79, March 107-110, April 137-140, May 165-170, June 194-197, July 223-228, August 252-257, September 281-286 and October 310-315.

In the overseas market, the dollar rose against deutsche mark and Japanese yen while it remained steady against pound sterling.

Sterling was quoted at Rs 70.26, DM at Rs 25.12 and yen at 34.52 at close.

In the domestic money market, the call money interest rate hovered around the repo rate of eight per cent with matching demand and liquidity and closed steady at 8.00-8.10 per cent.

UNI

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