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Rupee steady in a quiet market; Rs 42.46/47 vs $

The rupee remained steady against the US greenback in a quiet interbank foreign exchange market today.

Opening marginally higher at Rs 42.4650/4750, the rupee witnessed narrow movement by slipping to the low of Rs 42.47/48 in the morning and later rose to Rs 42.4550/4600 level in the afternoon, before closing steady at Rs 42.4650/4700.

Dealers said the lack of corporate interest for dollar in the wake of the rupee's stability and any market moving factors around, restricted the rupee's movement.

Importers are just covering the normal and urgent dollar requirements and not in hurry to cover their future requiremnets as they expect the rupee would remain stable.

Forward premia eased slightly in absence of paying pressure and scattered receivings. Near-forward premia came down by 1-2 paise while far-forwards eased by about three paise. The sixth-month annualised and yearly premia closed marginally lower at 6.63 and 7.04 per cent respectively.

Cash/spot premium ended at 2.00-2.25 paise and cash/tomorrow finished at 1.25-1/50 paise. The month-wise premia in paise were: February 11-12, March 33-35, April 59-61, May 81-83, June 107-109, July 132-134, August 158-161, September 185-188, October 210-214, November 238-242, December 267-171 and January 295-299.

Meanwhile, the Reserve Bank of India revised the reference rate for US dollar one paise higher at Rs 42.47 against Rs 42.46 of the previous day.

In the domestic money market, the call money interest rates ruled between 8.85 and 9.10 per cent and closed steady at 8.85-9.00 per cent.

In the cross currency, the rupee weakened marginally against pound sterling, euro and Japanese yen. Sterling ended at Rs 69.71 (Rs 69.56), euro at Rs 48.05 (Rs 47.84) and yen at Rs 37.60 (Rs 37.41).

UNI

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