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Active trading helps rupee to inch up further against $; Rs 42.43/44

The rupee further inched up against the greenback in a fairly active trading on the interbank foreign exchange market today.

The rupee opened one paisa lower at Rs 42.45/46 as the market witnessed good dollar demand and lower supply in the morning.

However, fresh dollar offloading by corporates and banks at that level helped the rupee to recover the morning loss and strengthened upto Rs 42.42/43 level in the afternoon. The Indian unit closed marginally higher at Rs 42.4350/4450 against the previous close of Rs 42.44/45.

Forward market witnessed good activity today and forward premia rose marginally on paying pressure. Near forwards advanced by 2-3 paise while far forwards went up by 4-5 paise. The sixth month annualised and yearly premia closed slightly higher at 6.97 per cent and 7.45 per cent respectively.

Cash/spot ended at 1.00-1.25 paise premium, while cash/tomorrow finished at 0.50-0.75 paise premium. The month-wise premia in paise were: February 10-11, March 34-36, April 60-63, May 83-86, June 110-113, July 135-138, August 163-166, September 191-194, October 218-221, November 246-249, December 275-278 and January 303-306.

Meanwhile, the Reserve Bank of India maintained the reference rate for US dollar at Rs 42.44.

In the cross currency, the rupee strengthened marginally against pound sterling and yen while it remained nearly steady against the euro. Sterling ended at Rs 69.26 (Rs 69.55), yen at Rs 36.77 (Rs 37.02) and euro at Rs 48.04 (Rs 48.06).

In the domestic money market, the call rates after ruling in the range of 8.95- 9.20 per cent during the day, closed steady at 9.00-9.10 per cent level.

UNI

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