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Rupee down three paise to US $ as corporates cover positions on limited supply

• Rs 43.50 vs $
• Rs 45.83 vs euro
• Rs 69.83 vs pound
• Rs 39.10 vs yen (100)

The Indian rupee declined by about three paise against the American currency due to some corporate dollar covering at a range-bound interbank foreign exchange market today.

The Indian rupee opened at Rs 43.4750/48, it moved in a narrow range of one paisa till noon on slack dollar demand by corporates. In the morning, the market witnessed dull trading and major market players were not seen in the market.

However, at the fag end of session, on some participant dollar buying spree coupled with limited supply, rupee came under pressure and closed at 43.50/51, showing a net loss of three paise from the previous close of Rs 43.4725/4775, a leading dealer said.

Forward market witnessed dull trades and premia closed nearly steady.

The cash/spot was quoted at 1.25 - 1.50 paise premium while the cash/tomorrow quoted at 75 - 87.50 paise premium.

Meanwhile, the Reserve Bank of India has fixed the reference rate for US dollar at Rs 43.49 as against the previous fix of Rs 43.48.

The six-month annualised premium closed marinally higher at 5.91 per cent as against the previous close of 5.79 per cent while the yearly annualised premium ended at 5.77 per cent.

The monthly premia (in paise) were - September 17-19, October 37-39, November 57-59, December 76-78, January 103-105, February 122-125, March 143-145, April 164-166, May 184-186, June 204-206, July 224-248, August 244-248.

In the overseas section, the Indian unit appreciated against the euro and Japanese yen while it dropped against pound sterling.

The rupee ended against pound sterling at Rs 69.83 (Rs 69.75). Against the euro and Japanese yen it closed at Rs 45.83 (Rs 46.14) and Rs 39.10 (Rs 39.59) respectively.

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