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Rupee down three paise vs $; Rs 42.57/58

Indian rupee weakened by three paise against the greenback in a steady interbank foreign exchange market today.

The currency opened at Rs 42.54/55, fell to the low of 42.57/58 and finally ended at Rs 42.5750/5850 as against Friday's finish of Rs 42.5450/5550.

State Bank of India remained absent throughout the day, while there was not much dollar demand from the corporates, dealers said.

Some upcountry dealers were seen buying dollars, said a dealer at the leading private commercial bank.

Cash-spot business was done between 0.50 and 0.75 paise premium.

Cash-tomorrow went at 0.25 -- 0.50 paise premium.

Forward premia in paise were quoted at December 10-12, January 30-33, February 55-58, March 85-89, April 118-122, May 149-153, June 180-184, July 214-219, August 248-253, September 281-286, October 315-320 and November 347-353 paise premium.

Annualised half-yearly premia were quoted at 7.57 per cent and 1-yearly premia at 8.40 per cent.

The Reserve Bank of India fixed its reference rate for the US dollar at Rs 42.57, three paise higher than Friday's rate of Rs 42.54 per dollar.

Elsewhere, in the overseas market, the Japanese yen weakened against dollar while the greenback witnessed steady trend against deutsche mark and pound sterling, dealers said.

In the cross currency deals, the rupee closed higher against the pound sterling by about 45 paise at 70.50 from Friday's close of Rs 70.95. It also appreciated by 43 paise against the Japanese yen at Rs 35.49 from Rs 35.92 while it depreciated by 91 paise against Germany's deutsche mark at Rs 25.36 from Friday's close of Rs 24.45.

UNI

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