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Rupee edges up a tad in dull market; Rs 42.40 vs $

The Indian rupee moved in a narrow range in a quiet and dull trading at the interbank foreign exchange market today.

Besides, the rise in the cash-spot premium and a marginal increase in the half-yearly annualised dollar premia due to liquidity tightening at call the money market made the forex market uneventful, dealers said.

The currency opened at Rs 42.41/42 and firmed up marginally to Rs 42.4050/4075 and remained stagnant till the close due to lack demand for US currency and SBI's close monitoring of rupee movements. SBI did not allow the rupee to go down below 42.40 level and above the 42.41/42 level, they added.

Dollar cash to spot traded higher at 4.00 paise premium for three-day due to higher call money rate.

The dealers said if the call rates shoot up further, the forward premia are likely to go up accordingly.

The six-month annualised premia ended at 7.36 per cent as against yesterday's close of 7.31 per cent. One yearly premia ended steady at 7.61 per cent.

The month-wise forward premia in paise were quoted at 13-14 for March, 40-42 April, 64-66 May, 90-92 June, 115-117, 140-143 July, 140-143 August, 165-168 September, 194-197 October, 224-227 November, 254-257 December, 281-284 January and 305-309 for February.

The Reserve Bank of India has fixed the reference rate at Rs 42.41 as against yesterday's rate of Rs 42.42 per dollar.

In the cross currency, the rupee closed at Rs 46.06 per euro, at 64.68/69 against pound sterling and at Rs 35.82 against Japanese yen.

UNI

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