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Rupee weakens again; Rs 42.69 vs $

The spot rupee ended weak against the American dollar while the forward premia rose marginally at the interbank foreign exchange market today.

The rupee opened at Rs 42.66/68 per dollar, against the previous close of Rs 42.65/66 and moved in the same range most part of the day, dealers said. State Bank of India which actively participated in the market made some dollar purchases in the morning.

The forward premium rose marginally as SBI paid premium in November while the foreign bank has reportedly paid in the June delivery.

The rupee ended at Rs 42.67/69, showing a loss of 2-3 paise over the previous close.

Cash-spot dollar was traded at 1.00-1.25 paise premium. While the monthly premium in paise were quoted at 9-10 April, 32-34 May, 55-58 June, 80-83 July, 107-109 August, 135-138 September, 165-168 October, 195-198 November, 225-227 December, 254-257 January, 280-282 February and 307-309 March.

Political uncertainty had very little impact on the market today.

The forward dollar premia in percentage for the first month ended at 5.35 per cent, third month at 6.33 per cent and half-yearly annualised premia closed at 6.85 per cent as against yesterday's close of 6.9 per cent.

The Reserve Bank of India fixed the reference rate at Rs 42.68 per US dollar from the previous fix at Rs 42.67 per dollar.

In the cross currency segment, the rupee closed lower at Rs 46 against the euro from the previous close of Rs 46.08. The Indian unit improved sharply to Rs 35.16 against Japanese yen from the previous close of Rs 35.32 while it remained steady at Rs 68.39 per British pound.

UNI

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