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Slack $-buying by corporates keeps rupee steady

• Rs 43.52 vs $
• Rs 45.41 vs euro
• Rs 68.99 vs pound
• Rs 39.13 vs yen (100)

The rupee ended steady against the US dollar in a dull trading session at the interbank foreign exchange market here today.

The Indian rupee opened nearly steady at 43.51/52 against the previous close of Rs 43.5150/52. On slack dollar buying by corporates, the Indian currency hovered in the very narrow range of two paise throughout the day and closed steady at 43.5150/52.

A leading dealer said that the forex market remained relatively dull during the last two days after the Reserve Bank of India has announced new measures to reduce the temporary demand-supply gaps.

The forward market witnessed moderate activity. The six-month annualised premia ended marginally higher at 4.80 (4.72) per cent while the yearly premia closed lower at 5.11 (5.50) per cent.

Meanwhile, the Reserve Bank of India has fixed its reference rate for US dollar at Rs 43.52 as against the previous fix of Rs 43.51.

Cash/spot was traded at 0.50-0.75 paise premium, while cash/tomorrow was traded at 0.25-0.50 paise premium.

The monthly premia (in paise) were: August 1.50-3.00, September 18-20, October 35-37, November 52-54, December 67-69, January 91-93, February 106-108, March 126-127, April 145-147, May 164-167, June 185-187 and July 204-206.

The rupee ended against the pound sterling at Rs 68.99 (69.17), Japanese yen at Rs 39.13 (38.95) and against euro at Rs 45.41 (45.75).

In the domestic call money market, the overnight interest rates remained steady at 8.00-8.05 per cent.

UNI

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