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Rupee drops to 43.54, recovers to 43.52 on SBI $-selling

• Rs 43.52 vs $
• Rs 46.33 vs euro
• Rs 69.87 vs pound
• Rs 39.88 vs yen (100)

The rupee showed signs of weakening against the greenback for the major part of trading, but recovered a tad on moderate selling by State Bank of India at the fag end in the interbank foreign exchange market today.

Opening lower at 43.50/51, the rupee eased to 43.5350 on demand from players as the rupee adjusted to the spot date five days ahead, dealers said.

At the closing hours, SBI entered the market and sold the US unit, allowing the rupee to recover some losses and end at 43.51/52, showing a net loss of five paise over the last close of 43.47.

The forwards rose across-the-board as there was some paying pressure from some foreign banks. The monthly premia (in paise) were 16-18 for September, 35-37 for October, 54-56 for November, 73-76 for December, 101-104 for January, 121-124 for February and 142-145 for March.

The six-month annualised premia ended higher at 5.80 per cent.

Meanwhile, the Reserve Bank of India fixed the reference rate at Rs 43.52 a dollar as against Rs 43.47 of the previous session.

Cash/spot ended at 2.00-2.75 paise, cash/tomorrow at 0.375-0.50 paise and tomorrow/spot at 2.00-2.50 paise.

The rupee ended at 69.87 to pound sterling, 46.33 to euro and 39.88 to yen (100).

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