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Rupee gains a paisa vs $; Rs 42.72

The Indian rupee maintained its steady trend and ended marginally higher by one paisa against the greenback, in a relatively dull interbank foreign exchange market here today.

Opening a bit higher at Rs 42.72/73 to the US dollar, the rupee witnessed a little movement, hovering between the opening level and Rs 42.7150/7250 level.

The market witnessed very moderate activities, dealers said, adding that continued foreign institutional investors' inflows in the system, augmented the dollar supplies. The rupee ended at Rs 42.7225/7250 as against Rs 42.73/74 the previous working day, gaining one paisa.

Forward market also witnessed very moderate activity and forward premia, tracking the spot rupee, eased marginally. Near forwards closed nearly steady while far forwards ended 2-3 paise lower.

The six-month and yearly annualised premia finished a bit lower at 5.84 (5.97) and 6.67 (6.84) per cent respectively.

Cash/spot and cash/tomorrow premia closed at 1.00-1.25 paise and 0.50-0.75 paise respectively. The month-wise premia in paise were: May 9.5-10.5, June 28.75-29.75, July 49-49.5, August 69.5-70.5, September 90.5-92, October 114-115.5, November 138.5-139.5, December 165-167, January 193-196, February 218-221, March 245-248 and April 271-274.

Meanwhile, the Reserve Bank of India fixed the reference rate for US dollar at Rs 42.73 as against Rs 42.75 the previous day.

In the cross currency, the rupee strengthened marginally against pound sterling and euro while it remained nearly steady against the Japanese yen. Rupee closed against sterling at Rs 69.51 (69.74), against euro at Rs 45.87 (49.09) and against yen at Rs 35.35 (35.37).

In the domestic money market, the call rates opened higher at 9.00-9.25 per cent closed at 8.90-9.10 per cent, marginally higher from its previous day's closing of 8.75 per cent.

In the overseas markets, the US currency was quoted higher at 120.98-121.00 yen in Tokyo from 120.52-55 yen at the close of trading last Friday. The euro was quoted at 1.0722-25 dollars, down from 1.0807-10 dollars Friday. The euro was also quoted at 129.65-71 yen, down from 130.25-30 yen on Friday.

UNI

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