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Market dull, rupee rocksteady, Rs 42.39/40 vs $

The rupee remained rock-steady in a dull trading session at the interbank foreign exchange (forex) market today.

The rupee opened at Rs 42.3950/4050 and ended at the same levels, but marginally lower from the previous close of Rs 42.39 at the fag end.

Dealers said that trading volumes remained low despite good supply in the market.

Cash/spot ended at 2.25-2.75 paise, cash/tomorrow at 0.75-1.00 paise and tomorrow/spot at 2.00-2.25 paise. Forward premia (in paise) ended at 24-26 for March, 49-51 for April, 74-76 for May, 99-101 for June, 123-126 for July, 148-151 for August and 175-178 for September. The six-month annualised premia ended at 7.07 per cent.

The rupee ended at Rs 69.39 a pound sterling, Rs 36.02 per 100 Japanese yen and Rs 46.32 to a euro.

The Reserve Bank of India fixed the reference rate at Rs 42.40 per US dollar from the previous Rs 42.39.

At the Tokyo forex market, the US dollar fell against the Japanese yen after a brief rally in reaction to rising tensions in Yugoslavia.

In late trading, the dollar bought 117.72 yen, down 0.81 yen from late Tuesday in Tokyo and also below its late New York level of 118.00 yen overnight.

UNI

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