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Major corporates keep off market; rupee steady in dull trading

• Rs 43.48/50 vs $
• Rs 45.83 vs euro
• Rs 69.83 vs pound
• Rs 39.10 vs yen (100)

The Indian rupee recovered marginally by one paisa against the American dollar at a dull trading session at interbank foreign exchange market today.

The rupee opened at Rs 43.4975/5050 to the US dollar, slightly higher from the previous close and eased marginally to Rs 43.51/52 level in the morning due to some corporate dollar demand and slack dollar supply.

Later, at noon, as the market witnessed adequate dollar supply, rupee recovered marginally to Rs 43.5050 level. The Indian unit moved in the nominal range of two to three paise during the day.

A leading dealer said that very dull activity was seen in the market due to the absence of the major corporates.

The forward markets witnessed moderate activity and premia moved down by three to four paise against the previous day's closing level.

The cash/spot and cash/tomorrow quoted in the region of 1.25-1.50 and 0.50-0.75 paise premium respectively.

The half-yearly and yearly annualised premia was ended lower at 5.81 per cent and 5.73 per cent respectively.

Meanwhile, the Reserve Bank of India has fixed the reference rate for at Rs 43.51 per US unit as against the previous fix of Rs 43.49.

The month-wise premia in paise were: September 15.50-16.50, October 35-37, November 55-57, December 74-77, January 100-103, February 122-123, March 139-142, April 161-163, May 181-183, June 201-203, July 221-223 and August 241-244.

In the overseas section, the Indian currency declined against the pound sterling, euro and Japanese yen. Rupee ended against pound sterling at Rs 69.92 (Rs 69.83), against the euro at Rs 46.04 (Rs 45.83) and it closed at Rs 39.28 (Rs 39.10) against the Japanese yen (100).

At the domestic call money market, the call rates opened higher at 11.00-11.25 per cent. Later, at noon, as more lenders entered the market, demand eased. It closed lower at 9.00-9.50 per cent.

UNI

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