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Rupee gains slightly against dollar

The Indian currency, moving in a narrow range of Rs 36.37 and Rs 36.39, edged up to settled higher at Rs 36.355/365 against the greenback following excess dollar supply in a relatively active interbank foreign exchange (forex) market on Tuesday.

The rupee opened nearly steady at Rs 36.37 levels and slid lower to trade within the range of Rs 36.38-39 due to some corporate demand till the afternoon. Towards the end, some stray deals were witnessed and as a consequence of which, the rupee looked up by about one paisa over Monday's closing levels of Rs 36.36-38 and closed at Rs 36.355-365.

Meanwhile, the forward premiums were reported absolutely steady over Monday's levels with the six month annualised premium quoted at 6.5 per cent for Monday. The cash to spot dollar ended at 0.25 to 0.75 paise premium.

The monthly premiums were quoted at a premium of Nov 11.5-12.5 paise, followed by Dec 29-30, Jan 48-50, Feb 67-69, Mar 88-90 and Apr 110-112 paise premium respectively.

On the other hand, in the overseas market, the US dollar, which was bid heavily on Monday, was reportedly offered on Tuesday against various other European currencies, a forex dealer.

Elsewhere, the Reserve Bank of India fixed the reference rate at Rs 36.38 per dollar.

UNI