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Renewed $ selling helps rupee gain three paise; Rs 42.39/40

The rupee gained further ground against the greenback, rising by three paise on renewed selling at the interbank foreign exchange market today.

Opening at the previous levels of Rs 42.42/43, the Indian unit strengthened to Rs 42.38 on dollar selling by banks on behalf of some exporters and corporates. The rupee, eventually, closed at Rs 42.39/40 at the fag end.

Cash/spot ended at 1.50-2.00 paise, while cash/tomorrow and tomorrow/spot at 1.00-1.25 paise.

The forwards eased on off-loading pressure. The monthly premia (in paise) were 2-4 for November, 17-20 for December, 41-44 for January, 67-70 for February, 98-102 for March, 129-133 for April and 161-165 for May. The six-month annualised premia closed at 7.61 per cent.

In international markets, the US dollar fell against the yen.

The dollar bought 119.46 yen in mid-afternoon trading, down 1.18 yen from late Thursday in Tokyo and also below its late New York level of 119.99 yen overnight.

Back home, pound sterling traded at Rs 70.46, German mark at Rs 25.15 and Japanese yen at Rs 35.18 at the close of trading.

The Reserve Bank of India fixed the reference rate at Rs 42.40 per US dollar.

UNI

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