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Market remains cool, keeps rupee steady; Rs 42.49/50

The Indian rupee remained steady against the American dollar in a quiet interbank foreign exchange market today.

The rupee opened steady at Rs 42.49/50, then drifted lower to Rs 42.52/53 on good buying demand for dollar from corporates and banks. The major market player State Bank of India also bought dollar in the morning at Rs 42.51/52 level. In the afternoon some participants sold dollars, and the rupee closed at its previous level of Rs 42.49/50, a leading dealer said and added that no major activity was witnessed.

The cash-to-spot trades were done lower at 0.25-0.75 paise premium and cash-to-tom was steady at 0.25-0.50 paise premium.

The Reserve Bank of India fixed the reference rate for US dollar at Rs 42.51 against the previous fix of Rs 52.52.

The monthly forward premium in percentage for the first month was quoted at 6.58, for third month at 7.16 and for the six month at 8.05.

Half-yearly premia was closed at 7.75 per cent while the annual premia closed marginally higher at 8.54. The premiums in paise were quoted at 1-3 for September, 26-29 for October, 50-53 for November, 80-84 for December, 108-113 for January, 137-142 for February, 169-174 for March, 203-208 for April, 237-242 for May, 270-275 for June, 303-308 for July and 335-340 for paise premium.

In the overseas, dollar was quiet against pound sterling and weakend against deutsche mark and Japanese yen respectively while in the cross currency section here, rupee was traded between 71.26 to 71.22 against a British pound, at Rs 31.54 to Rs 31.44 against Japanese yen (100 units) and remained steady at 25.10 against a deutsche mark. The merchant booking was done nominally.

UNI