COMMENTARY
INTERVIEWS
SPECIALS
CHAT
ARCHIVES
SEARCH REDIFF

Forex, forward markets remain dull; rupee slips to Rs 43.43 to US $

• Rs 43.43 vs $
• Rs 45.71 vs euro
• Rs 69.67 vs pound
• Rs 38.36 vs yen (100)

The Indian rupee moved in a narrow range and ended marginally lower by one paise against the greenback at a dull interbank foreign exchange market today.

The rupee opened nearly steady at Rs 43.41/42, witnessed little movement, hovering around the opening level for most part of the day.

It drifted slightly lower towards the fag end on some corporate demand and closed at Rs 43.42/43, about one paisa lower from the previous day's close of Rs 43.4150/4200.

Dealers said the forex market continued to be dull and major market players like State Bank of India did only nominal two-way business.

Forward markets also remained dull and premiums, after moving narrowly, ended a bit lower on scattered receivings. Near forwards eased by one paisa while far forwards dropped 2-3 paise.

The sixth month and yearly annualised premia finished marginally lower at 4.74 and 5 per cent respectively, as compared to 4.81 per cent and 50.5 per cent of the previous day's closing levels.

Cash/spot and cash/tomorrow ended at 1.00-1.25 paise and 0.35-0.50 paise respectively. The month-wise premia in paise were: August 7.5-8, September 24-25, October 39-41, November 54-56, December 70-72, January 92-94, February 108-110, March 127-129, April 145-147, May 163-165, June 183-185 and July 203-205.

Meanwhile, the Reserve Bank of India maintained the reference for for US dollar at Rs 43.42.

In the cross currency, the rupee weakened sharply against pound sterling and Japanse yen while it remained steady against euro. The Indian unit ended against sterling at Rs 69.67 (69.34), yen at Rs 38.36 (37.84) and euro at Rs 45.71 (45.70).

At the interbank call money market, steady trend continued and call rates which moved in a tight range of 9.75-10 per cent closed steady at 9.90-10.00 per cent.

Elsewhere in the overseas forex market, the dollar skidded to a six-month low on the yen at 113.35 yen per dollar in hectic late Tokyo trade and the euro dived to a new lifetime low against the yen at 119.02 yen per euro.

UNI

Business news