All supply, no demand makes market dull;
rupee steady vs $; Rs 42.56/57
The Indian rupee closed steady against the
greenback in an extremely quiet and dull interbank
foreign exchange market today.
The rupee opened at Rs 42.57/58 and weakened to Rs 42.58/59
during the trading till mid-session. However, in the absence of any
major demand for dollars from corporates as well as leading
commercial banks, the Indian unit closed steady at Rs 42.5650/5750.
According to dealers, State Bank of India was seen issuing
lower quotes than the market rate. The rupee which saw some action in the opening hour, came back to its opening level on the SBI's presence, they said.
Monthly forward dollar premia came down marginally in the absence of paying pressure, dealers said.
Cash-spot business was done at 1.50-2.00 paise premium.
The monthly premia in paise closed at December 7-8, January
25.28, February 49-52, March 79-82, April 112-115, May 144-147, June 175-178, July 208-211, August 240-245, September 275-280, October 309-314 and November 341-346 paise.
Half-yearly annualised premia went at 7.55 per cent while
One-yearly annualised premia closed at 8.38 per cent.
The Reserve Bank of India has fixed the reference rate
for US dollar at Rs 42.58, one paise higher against yesterday's
rate of Rs 42.59 per dollar.
In the overseas market, the Japanese yen has strengthened against dollar.
In the local market, the rupee was traded between Rs 70.45 and Rs 70.49 per pound. The Indian unit closed at Rs 25.49 against the Deutsche Mark from the previous close of Rs 25.45 and it finished at Rs 36.06 against Japanese yen from the previous close of Rs 35.62.
UNI
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