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Nominal demand keeps rupee low; down two paise, Rs 42.35/36

Opening at Rs 42.34/35, the rupee strengthened to Rs 42.32/33 due to selling pressure from exporters and poor demand from banks. It finally ended at 42.35/36 from the previous close of 42.33/34.

Cash/spot closed at 0.75-1.00 paise, tomorrow/spot at 0.25-0.50 paise and cash/tomorrow at 0.25-0.50 paise. The forward section also did not witness any major movement, with the monthly premia closing at almost the previous levels.

The premia (in paise) ended at 4-6 for November, 19-22 for December, 44-47 for January, 73-75 for February, 104-106 for March, 136-141 for April and 166-171 for May. The six-month annualised premia ended at 7.36 per cent.

Currencies in the overseas market witnessed moderate movement, as the stand-off between the US and Iraq had some impact.

Against the rupee, the pound closed at 70.81, Japanese yen at 34.89 (per 100 units) and Deutsche Mark at 25.40.

Meanwhile, the Reserve Bank of India has fixed the reference rate at Rs 42.33 per US dollar against the previous fix of Rs 42.32.

UNI

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