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Rupee up two paise to Rs 42.65/66 vs $

The rupee firmed marginally against the greenback due to heavy selling at a volatile market on the interbank foreign exchange market today.

The Indian currency opened at Rs 42.67/69 per dollar and ruled in a wide range of Rs 42.63/68 on heavy dollar demand from market players most of which was used for export covering.

The ongoing political scenario also affected the market as players secured their positions and went on a buying spree during the day which boosted the market sentiment, dealers said.

At mid-noon the rupee was quoted at a higher level of Rs 42.69 but later good selling by corporates arrested the rupee's downslide and it ended at Rs 42.65/66, comparitively firm from the previous close of Rs 42.6750/6850, they added.

Cash-to-spot business was done at 1.0-1.25 paise premium while call rate was quoted at 7.5-8.0 per cent level.

The six-month forward premia was quoted at 6.9 per cent while the one-yearly annualised premia was quoted at 7.3 per cent.

The monthly forward premia in paise closed at: April 9-10, May 31-33, June 50-57, July 79-82, August 105-108, September 133-136, October 163-166, November 193-196, December 222-225, January 251-254, February 276-279 and March 303-306.

Elsewhere, the RBI has fixed the reference rate for the US dollar at Rs 42.67 as compared to its previous figure of Rs 42.64 per dollar.

The Indian unit closed at Rs 46.08 per euro from the previous close of Rs 45.07. The rupee drifted lower at Rs 68.39 per British pound as against the previous close of Rs 68.04. However, the currency remained steady against the Japanese yen at Rs 35.32.

UNI

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