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Dull trading keeps rupee steady; Rs 42.50/51 vs $

The Indian rupee ended on a steady note in an extremely dull trading at the interbank foreign exchange market today.

The rupee opened at Rs 42.5050/5150 per dollar, quoted slightly lower at Rs 42.51/52 and finally ended at Rs 42.5050/5150 against the previous close of Rs 42.50/51 without any major fluctuations.

There was no movement in the rupee-dollar rate for a few days and the market looks like dead, a chief forex dealer at the leading private commercial bank said.

Cash-to-spot dollar quoted higher at 1.50-1.75 paise premium in view of three-day transaction while cash-tomorrow traded at 1-1.25 paise premium.

The monthly forward premia in paise were ended at 0.25-1.00, February 19-22, March 43-46, April 73-76, May 94-98, June 119-123, July 148-152, August 178-182, September 208-212, October 237-241, November 267-271 and December 297-302.

The rupee also closed nearly steady against the world's major currencies.

It opened at Rs 49.24 and ended at Rs 49.24 as against Rs 42.33 per euro.

The Indian currency traded between Rs 70.33 and Rs 70.39 against a British pound, marginally lower from the previous close of Rs 70.32. The rupee closed at Rs 37.07 against the Japanese yen from the Friday's level of Rs 37.33.

According to dealers, the American dollar witnessed a bearish trend against the world's major currencies. However, the bearish market did not have any impact on the Indian currency so far. They said the next trend can be judged only after the New York stock market's direction today.

UNI

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