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Rupee gains three paise to US $ in dull trading

• Rs 43.47 vs $
• Rs 46.14 vs euro
• Rs 69.75 vs pound
• Rs 39.59 vs yen (100)

The Indian rupee appreciated further by about three paise against the US dollar in a dull and quiet trading at the interbank foreign exchange market today.

The rupee opened at Rs 43.4850/4900, moved in a very narrow range in the absence of hectic activity and lack of participation by major players in the market.

The currency moved up slightly to Rs 43.4900/5000 in the opening hour and finally ended at Rs 43.4725/4775 per dollar, showing a gain of two paise from the previous close of Rs 43.4900/5000 per dollar.

Dealers said that the market is undergoing a pre-election nervousness and most of the players peferred to stay away from the market till elections are over. Therefore, there was no major movement witnessed during the day.

However, the forward segment witnessed some firm trend as the monthly forward premia rose moderately due to higher call money rates.

State Bank of India did not participate actively in the market.

The half-yearly forward premia ended higher at 5.79 per cent from the previous close of 5.56 per cent.

The monthly premia in paise were quoted for September 17-19, October 37-38, November 57-58, December 75-77, January 100-103, and February 120-123 paise respectively.

In the overseas section, the rupee posted gains against the euro and pound sterling while it recorded a marginal decline against Japanese yen.

The rupee ended higher by about 31 paise at 46.14 per euro from the previous close of Rs 46.45. Similarly, the rupee ended at 69.75, higher by 25 paise from the previous close of Rs 70.00 per pound.

The Indian unit dropped by six paise against the Japanese yen and ended at Rs 39.59 (per 100 yen) from the previous close of Rs 39.53.

Elsewhere, the Reserve Bank of India has fixed the reference rate at Rs 43.48 per dollar.

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