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Volatile trading weakens rupee by five paise in morning session; Rs 42.54 vs $

The Indian rupee weakened by around five paise against the greenback in the volatile trading at the interbank foreign exchange market in Bombay till mid-session.

The Indian unit opened lower at Rs 42.51/52 against the previous close of Rs 42.48/49. The rupee decreased further to Rs 42.56/57 in the morning due to heavy dollar buying by corporates and banks.

The rupee recovered marginally at noon to Rs 42.5350/5450 after State Bank of India sold some dollars. A leader dealer informed that SBI ventured in to both buying as well as selling.

The call rates were quoted around 8 per cent in the interbank call money market.

The cash-spot traded lower at 0.75 to 1.00 paise premium and six-month annualised was quoted around 7.00 per cent.

The Reserve Bank of India fixed the reference rate for US dollar at Rs 42.55 as against the previous fix of Rs 42.51.

UNI

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