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Rupee gains a tad versus US $ in dull trading

• Rs 43.42 vs $
• Rs 45.93 vs euro
• Rs 69.70 vs pound
• Rs 37.86 vs yen (100)

The Indian rupee inched up further and closed one paisa higher at Rs 43.4150/4250 against the greenback on a relatively dull interbank foreign exchange market today.

Opening steady at Rs 43.42/44, the rupee eased slightly to Rs 43.44/46 on corporate dollar demand. However, towards the close, the Indian unit got a boost on State Bank of India's greenback selling, which helped the rupee to close marginally higher at Rs 43.4150/4250 as compared to Friday's closing of Rs 43.4250/4350.

Forward premia moved in a narrow range and drifted slightly lower on scattered receivings by nationalised banks. Near forwards ended one paisa lower while far forwards dropped 2-3 paise. The sixth month and yearly annualised premia finished a bit lower at 4.85 per cent and 5.07 per cent respectively from 4.85 per cent and 5.14 per cent of the previous day's closing levels.

Cash/spot and cash/tomorrow premia finished at 1.00-1.25 paise and 0.50 paise respectively. The month-wise premia in paise were: August 8-10, September 24-26, October 40-41, November 55-56, December 73-75, January 95-97, February 112-114, March 131-133, April 149-151, May 168-170, June 187-189 and July 207-209.

Meanwhile, the Reserve Bank of India fixed the reference rate for US dollar at Rs 43.42 as against Rs 43.46 of the previous day.

In the cross currency, the rupee appreciated against pound sterling and euro while it eased against Japanese yen. Rupee ended against sterling at Rs 69.70 (70.00), euro at 45.93 (46.34) and yen at 37.86 (37.75).

At the interbank call money market, the call rates hovered around 10 per cent level and closed slightly lower at 9.90-10 per cent.

In the Tokyo market, the dollar was quoted at 114.75/80 in late trade, compared with 115.80/90 yen in New York late on Friday.

UNI

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