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Rupee falls marginally

The Indian rupee declined marginally against the American greenback in a quiet and range-bound trading at the Interbank Foreign Exchange market.

The currency opened at 39.70/72 per dollar and eased to Rs 39.72/73 following dollar buying by the State Bank of India. The SBI participated actively, making further dollar purchases and pushing down the rupee to the 39.74/75 level. However, there was enough dollar supply, and the rupee moved in hardy two paise range.

At the fag end the rupee closed at 39.72/73 per U S unit as against Friday's finish of 39.70/71.

Cash-spot business was done at 0.50-1.00 paise premium. In the forwards, six month premia opened on a weak note and closed nearly steady compared to the previous levels, dealers said.

The Reserve Bank of India maintained the reference rate at Rs 39.71 per dollar.

The sixth months annualised forward premia closed at 6.80 per cent, while the yearly annualised premia quoted 7.28 per cent.

Forward premiums in paise were closed at 9-12 for May, 30-33 for June, 51-54 for July, 73-76 for August, 103-106 for September, 132-135 for October, 156-160 for November, 183-187 for December and 210-215 for January.

The rupee moved between 66.24 and 66.28 against the pound sterling. It was quoted at 22.19 and 22.13 against the deutsche mark.

The rupee opened at 30.18 against the Japanese yen and closed at 29.96 (100 yen).

UNI