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Three-day holiday ahead fails to activate market; rupee edges up one paisa vs $ to Rs 42.81

The rupee edged up by one paisa against the US greenback in a dull interbank foreign exchange market today.

Opening steady at Rs 42.81/82, the rupee witnessed a narrow range, just one paisa both ways, as the market witnessed thin trading in spite of the three-day holiday from Friday.

The rupee ended at Rs 42.80/81 to the $ as against Rs 42.81-82 the previous day, up one paisa.

The forex market continued to be dull with lower volumes and the rupee remained almost steady in the absence of any market moving factors, dealers said.

The forward market also witnessed very low activity and premia remained nearly steady. Near forwards eased by one paise while forwards remained almost steady. The six-month annualised premia and yearly premia closed at 6.12 per cent and 6.77 per cent respectively.

Cash/spot ended at 1.75-2.25 paise premium while cash/tomorrow finished at 1.50-1.75 paise premium. The month-wise premia in paise were: May 14-15, June 34-36, July 55-57, August 77-79, September 102-104, October 126-128, November 152-156, December 181-184, January 208-212, February 232-235, March 258-261 and April 284-286.

Meanwhile, the Reserve Bank of India maintained the reference rate for US dollar at Rs 42.82.

Sterling ended at Rs 69.09 (69.30), euro at Rs 45.35 (45.66) and yen (100) at Rs 35.95 (35.90).

In the domestic money market, the call rates opened higher at 8.30-8.50 per cent and ruled between 8.00-8.50 per cent during the day before closing at 8.00-8.10 per cent, lower from the previous day's close of 8.20-8.40 per cent.

The forex and call money market will remain closed on Friday and Saturday on account of 'Buddha Poornima' and 'Maharashtra Day' respectively.

UNI

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