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Rupee recovers after early fall, Rs 42.41/42 vs $

After registering marginal losses in the morning, the Indian unit improved marginally towards the close against the greenback in a quiet and dull trading at the interbank foreign exchange market today.

The Indian unit opened at Rs 42.42/44, slightly lower from the previous close of Rs 42.41/43 and further drifted to Rs 42.44/45 in the morning. However, the dollar selling spree towards the fag end of session, helped rupee to recover the lost ground moderately at Rs 42.4150/4250, dealers said.

The market witnessed a divergent trading as in the morning participants have bought dollars and in the evening they were seen selling dollars, said a leading forex dealer.

Cash/spot was traded lower at 0.75-1.00 paise premium and cash/tomorrow closed at 0.25-0.50 paise premium.

Meanwhile, the Reserve Bank of India fixed the reference rate for the US dollar at Rs 42.43, higher by five paise against the previous rate of Rs 42.38.

Monthwise premia (in paise) were traded lower at 1-2 for November, 16-19 for December, 38-41 for January, 66-69 for February, 98-101 for March, 128-132 for April, 160-163 for May, 192-197 for June, 224-228 for July, 260-265 for August and 290-295 for September.

The annualised premia was quoted higher at 5.08 for first month, 6.52 for third month and 7.68 for six month. Annual premia was quoted at 8.28 per cent.

In the overseas market, the dollar was strengthened against pound sterling, deutsche mark and Japanese yen. The rupee was quoted against pound sterling at Rs 70.20, against deutsche mark at Rs 24.85 and against Japanese yen at Rs 34.91.

UNI

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