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Rupee moves in a narrow range

The Indian rupee moved in a narrow range against the US greenback in a lackluster trading on Monday at the interbank foreign exchange market.

The currency opened at Rs 36.215-225 and remained more or less in the same range most of the time during the day. The rates showed some upward swings when the State Bank of India started bidding for the dollar at Rs 36.205-21, dealers said, and added that the rupee then went down to Rs 36.2125-2175, showing only marginal movements.

The rupee remained stagnant at Rs 36.2125-2175 till the end of the day, dealers added.

No transactions were done at cash spot due to closure of the New York market, while the tom spot was traded higher between 12.5-12.75 paise premium, due to higher call rates in the interbank money market, they said.

The forward dollar premia remained steady compared to the previous levels.

The six month's annualised premia closed at 5.15 per cent.

The Reserve Bank of India fixed its reference rate at Rs 36.22, lower by four paise as against Friday's rate of Rs 36.26. The reference rate is based on 12 noon rates of a few select banks in Bombay. The SDR-rupee rate will be based on this rate.

The monthly forward dollar premiums in paise were 5-6 for October, 16-18 for November, 31-33 for December, 49-51 for January, 65-68 for February, 85-87 for March and 103-105 for April.

The rupee opened at Rs 58.78 against the pound sterling and remained steady throughout the day.

Active trading witnessed in the cross currency between US dollar and the Deutsche mark and yen.

UNI