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Range-bound trading keeps rupee steady; Rs 42.75 vs $

The Indian rupee remained stagnant against the American greenback at an extremely quiet interbank foreign exchange market today.

The currency opened at Rs 42.7350/7450, held steady for most part of the day and closed at Rs 42.7475/7525, showing a marginal one paisa movement during the day, dealers said.

Barring some receiving by State Bank of India in December and January, the forward premia market was also quiet, said a chief forex dealer at the leading private commercial bank.

Cash spot business was done at 0.75-1.00 paise premium, while cash-tomorrow quoted at 0.25-0.50 paise premium.

The monthly forward premia in paise were: May 0.25-0.75, June 15-16, July 31-32, August 50-52, September 69-71, October 88-92, November 110-112, December 131-133, January 161-163, February 184-187, March 210-213 and April 233-235 paise premium respectively.

The six-month forward premia in percentage was quoted at 5.11 per cent as against previous day's level of 5.14, while the one-year annualised premia quoted at 6.12 as against 6.13 per cent.

The Reserve Bank of India has fixed the referece rate for the US dollar at Rs 42.74, one paise lower from the previous day's rate of Rs 42.75 per US unit.

The rupee registered a marginal decline against the prominent international currencies in the cross currency deals.

The Indian unit closed lower at Rs 45.42 per euro from the previous close of Rs 45.21. Similarly it dropped to Rs 68.45 against the British pound from yesterday's close of Rs 68.39 per pound.

The rupee ended at Rs 34.89 (per 100 yen) against the previous close of Rs 34.50.

UNI

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