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Rupee gains a tad in dull trading; Rs 42.39 vs $

The rupee continued to be rocksteady against the US dollar at the dull and quiet interbank foreign exchange market in the absence of any market moving factors today.

The Indian unit opened at Rs 42.3850/3900, quoted at Rs 42.4000, came down to Rs 42.3900/3925 when State Bank of India entered the market and started quoting the rupee-dollar level at Rs 42.3900/3925. The rupee did not saw much activity and remained stagnant at SBI's offer rate, dealers said.

The rupee closed at Rs 42.3900/3925, showing a marginal appreciation as against the previous close of Rs 42.3950/4000.

Cash-spot business was done at 1.00-1.25 paise premium. Cash-tomorrow traded at 0.50-0.75 paise premium. The forward premia saw some rise during the opening hour. However, the monthly premia came down towards the fag end of session on SBI's paying pressure, dealers said.

Monthly forward premia in paise were March 3-4, April 25-28, May 49-51, June 73-75, July 96-98, August 120-123, September 146-149, October 172-175, November 201-204, December 230-233, January 265-268 and February 290-293.

The half-yearly annualised premia in percentage was quoted at 6.74 per cent while the one-yearly premia came down to 7.24 per cent from previous level of 7.35 per cent.

Elsewhere, the Reserve Bank of India has maintained the reference rate for the US dollar at Rs 42.39 per unit.

In the crosses, the rupee was quoted at Rs 68.96 against the British pound, Rs 46.09 against the euro, and Rs 39.07 per 100 Japanese yen. UNI

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