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Active market pushes rupee up one paisa; Rs 42.74 vs $

The rupee further inched up by one paise against the US greenback on an active interbank foreign exchange market today.

Opening steady at Rs 42.75/76, the rupee moved in a very narrow range, fluctuating just one paise in both sides and closed a bit higher at Rs 42.7400/7450 against Rs 42.75/76 the previous day, gaining one paise.

The market witnessed comparatively good activity today but the matching demand and supply of the greenback held the rupee in a narrow range, dealers said.

Forward premia eased slightly on good receivings. Near forward premia came down by 1-2 paise while far-forwards dropped by 2-3 paise. The six-month and annualised premia closed marginaly lower at 5.95 per cent and 6.78 per cent respectively.

Premium on cash/spot ended at 0.75-1.00 paise while cash/tomorrow finished at 0.25-0.50 paise. The month-wise premia in paise were: May 11-12, June 31-32, July 51-53, August 73-75, September 96-98, October 121-123, November 145-147, December 174-177, January 202-205, February 28-231, March 255-258 and April 280-283.

Meanwhile, the Reserve Bank of India revised the reference rate for US dollar at Rs 42.75 against Rs 42.78 in the previous day.

The rupee ended against sterling at Rs 68.93 (68.92), euro at Rs 45.15 (45.30) and yen at Rs 35.28 (35.74).

In the domestic money market, the call rates ruled a bit higher. Opening at 8.15-8.30 per cent, from 8.00-8.25 per cent of the previous day, the rates further moved up and closed at 8.20-8.40 per cent, due to good demand for funds ahead of the reporting Friday.

UNI

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