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Dull market demand keeps rupee low; Rs 42.52/53

The Indian rupee depreciated nominally by one paise against the US dollar in a quiet range-bound trading at the interbank foreign exchange (forex) market in Bombay today.

The market opened without any activity at Rs 42.50/52 for the day. There was not much demand as State Bank of India and corporates did business as per the demand. The dollar ruled at Rs 42.53/54 level and finally closed at Rs 42.52/53 per unit, recording a depreciation of one paise.

The dipping of dollar across the globe againt major currencies may have affected the sentiment of the corporates as most of them did little business today, leading dealers said.

The cash/tomorrow was around 1.75 to 3.75 paise premia while the call rate was quoted at 9.50 per cent. The monthly premia in paise are : 39-42 for September, 78-82 for October, 111-115 for November, 144-148 for December, 180-185 for January, 216-221 for February and 255-260 for March. The six-month premia was quoted at 10.55 per cent level.

The Reserve Bank of India fixed its reference rate at Rs 42.52 per unit as againt its previous fix of Rs 42.55 per unit.

The US dollar lost ground against the major currencies of the world as it tumbled down due to lack of support in the markets. It was traded at 1.7575 marks, 140.78 yen, 1.4425 Swiss franc, 1.735 Italian lires and 1.57 Canadian dollar. The British pound was quoted at 1.6790 dollars.

UNI