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Rupee weakens by three paise against dollar; Rs 42.51/52

The rupee weakened on dollar demand from the corporate and trade sectors coupled with short-covering by banks at the interbank foreign exchange market today.

Opening at Rs 42.4950, the Indian unit depreciated during the day and ended at Rs 42.51/52, around three paise lower from the previous closing of Rs 42.4850.

The forwards firmed a bit, with the monthly premia (in paise) ending at 4-6 for January, 23-25 for February, 45-47 for March, 71-73 for April, 92-95 for May, 118-121 for June, 146-149 for July and 173-176 for August. The six-month annualised premia ended at 6.58 per cent.

Cash/spot and cash/tomorrow ended at 1.50-1.75 paise and 0.50-0.75 paise, while tomorrow/spot closed at 0.75-1.00 paise.

At the Tokyo forex market, the dollar was traded at 113.83 a yen, down from the previous finish of 114.14 a yen and also below its late New York level of 114.35 a yen.

Back home, the Reserve Bank of India maintained the reference rate at Rs 42.50 per US dollar.

The pound sterling ended at 70.41, euro at 49.43 and Japanese yen at 37.05 against the rupee.

UNI

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