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Rupee weakens on corporate buying; Rs 42.48/49

The rupee weakened by five paise on renewed demand for the greenback from corporates and importers at the interbank foreign exchange market here today.

The Indian unit opened at Rs 42.47/48, but eased to Rs 42.4850/4950 around mid-session. It drifted lower in the afternoon and ended at Rs 42.52/53 at the fag end from the previous close of Rs 42.47/48. According to dealers, State Bank of India was actively buying dollars for some corporate clients. Monthly premiums were quoted lower on poor demand in the forward section.

Cash/spot ended at 2-2.25 paise, tomorrow/spot at 1.5-2 paise and cash/ tomorrow at 0.50-0.75 paise. The monthly premiums (in paise) were 5-7 for September, 31-34 for October, 60-64 for November, 89-94 for December, 120-125 for January, 150-155 for February and 183-187 for March. The six-month annualised premia ended at 8.51 per cent. The rupee closed at 71.74 against the pound sterling, 31.89 for Japanese yen and 25.25 against deutsche mark.

Meanwhile, the Reserve Bank of India has fixed the reference rate at Rs 42.47 per US dollar as against the previous fix of Rs 42.49.

UNI