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Rupee steady at 42.50/51 vs US $

The rupee showed minor movement and remained stable in a dull trading session at the inter-bank foreign exchange market today.

The Indian currency opened at 42.5050/5150 and ended almost unchanged at 42.50/51. The forward premia too moved in a narrow range, but ended a bit firm, dealers said.

The monthly premia (in paise) ended at 1-2.50 for January, 19-22 for February, 43-47 for March, 72-76 for April, 94-97 for May, 118-122 for June, 147-151 for July and 177-181 for August.

The six-month annualised premia were quoted at 6.80 per cent at the fag end. Cash/spot ended at 2.50-3.00 paise, tomorrow/spot at 1.00-1.25 paise, and cash/tomorrow at 1.50-1.75 paise.

In the New York market, the dollar gained ground against the yen, buoyed by rumours that the Chinese yuan and Hong Kong dollar may be devalued, but trimmed its gains in late-day trades after the Hong Kong Monetary Authority's chief representative in New York denied the talk.

The dollar/yen was little moved by the renewed deterioration in America's November trade gap as dealers focused on the improvement in the US-Japanese trade gap.

Back home, the Reserve Bank of India maintained the reference rate at Rs42.51 per US dollar. Against the rupee, the pound sterling ended at 70.32, the Japanese yen at 37.33, and the euro at 49.33.

UNI

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