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Quiet trading keeps rupee steady; Rs 42.27/28

Rupee edged up nearly one paise higher against the greenback in the narrow range bound trading on the interbank foreign exchange market today.

Opening slightly lower at Rs 42.28/29, which itself was the low of the day, the rupee moved up around noon to Rs 42.27/28 and closed at that level.

Dealers said that the market was very dull with less activity. The dollar demand and supply was very much matching and rupee witnessed barely two paise movement throughout the day in the absence of any market moving factors or any significant dollar demand.

State Bank of India made only nominal two-way business of buying and selling.

Forward premia came down a bit on better receiving and very nominal import booking in forwards. The third month, sixth month and yearly annualised premia were quoted marginally lower at 5.78 per cent, 7.22 per cent and 7.38 per cent respectively.

The Reserve Bank of India has fixed the reference rate for US dollar one paise higher at Rs 42.28 against Rs 42.29 of the previous day.

The month-wise premia in paise were: November 5-7, December 22-25, January 48-51, February 73-78, March 105-110, April 135-140, May 164-169, June 194-199, July 223-228, August 251-256, September 279-284 and October 309-314.

The overseas market remained very quiet today as it was holiday in New York market. Pound sterling, duetsche mark and yen were quoted nearly steady against dollar. Rupee moved up a bit against sterling while it eased slightly against yen and was quoted Rs 70.19 for sterling, Rs 25.11 for DM and Rs 34.74 for yen.

In the domestic money market, the call money interest rates after ruling between 7.90 and 8.15 per cent most part of the day with matching supply and demand closed slightly lower at 7.90-8.00 per cent.

UNI

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