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Rupee moves up by 1 paisa, 42.50/51 vs $

The Indian rupee appreciated by one paisa against the US dollar on moderate demand from corporates at the inter-bank foreign exchange market in Bombay today.

The Indian currency opened at the previous level of Rs42.51/52 and hovered in the narrow range of Rs42.50 to Rs42.52 throughout the day owing to nominal dollar demand from corporates and banks, a leading dealer said.

The market witnessed good supply and the rupee gained by one paisa and closed at 42.50/51 against the previous close of Rs42.51/52.

Another dealer said the spot dollar was quiet, but the forward dollar moved up by 7 to 12 paise.

The major market player, the State Bank of India, stayed away from the business today.

Cash/spot and cash/tomorrow were quoted at premia of 2.00-2.50 and 1.50-2.00 paise, respectively.

The forward premia (in paise) were quoted at 2-4 for January, 21-23 for February, 46-49 for March, 75-78 for April, 96-99 for May, 121-124 for June, 150-153 for July, 177-180 for August, 205-209 for September, 234-237 for October, 263-266 for November, and 293-297 for December.

The six-month annualised premium was quoted higher at 6.92 per cent while the annual premium was quoted at 7.69 per cent.

The Reserve Bank of India has fixed the reference rate for the US dollar at Rs42.51 against the previous Rs42.50. The rupee closed against the pound sterling, euro and Japanese yen at Rs69.79, Rs49.17 and Rs37.66 respectively.

UNI

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