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Market dull, rupee steady; Rs 42.43 vs $

The rupee showed little signs of movement and closed at the opening levels against the US dollar at the interbank foreign exchange market today.

Opening at Rs 42.43 to a dollar, the rupee firmed slightly to Rs 42.4150 / Rs 42.50 in the morning. But, late demand from State Bank of India drifted it to Rs 42.42. The Indian unit eventually ended the day at Rs 42.43, marginally weaker from the previous levels of Rs 42.4150 / Rs 42.50.

The monthly forwards (in paise) were 0-2 for November, 16-19 for December, 38-41 for January, 63-66 for February, 95-98 for March, 127-130 for April and 157-161 for May. The six-month annualised premia ended at 7.35 per cent.

Cash/spot was quoted at 0.50-0.75 paise at the fag end. In international markets, the dollar rose against most major currencies on confidence in the American economy.

Back home, pound sterling closed at Rs 70.50, German deutsche mark at Rs 24.94 and Japanese yen at 35.08 against the rupee.

Elsewhere, the Reserve Bank of India fixed the reference rate at Rs 42.42 per US dollar from Rs 42.43 on Tuesday.

UNI

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