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Rupee drops by 2.5 paise

After a dull start, the market witnessed hectic activity in the interbank foreign exchange market with moderate dollar purchases by the major market player, the State Bank of India, at the fag end of session resulting in the drop of the rupee value further by 2.50 paise against the US greenback.

The rupee opened at Rs 36.18-19, and declined to Rs 36.20-21, it was held steady for nearly four hours after the opening and saw hectic activity around 1430 hours, losing further to Rs 36.215-225 per dollar, and it remained stagnant till the fag end of trading, dealers at the leading private commercial bank said.

Cash to spot business was done at 0.5-1 paisa premium, while the forward dollar premia declined further. The annualised premium quoted at 5 per cent from Wednesday's 5.05 per cent.

The Reserve Bank of India fixed the reference rate at Rs 36.21 per dollar over the previous day's rate of Rs 36.19.

Forward premiums in paise were 5-7 for October, 15-18 for November, 31-34 for December, 50-53 for January, 66-69 for February, 84-87 for March and 101-105 for April.

Otherwise, the rupee moved in a narrow range against pound sterling and closed at Rs 59.20/22 per pound, interbank dealers said.

UNI