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Rupee maintains mild rally, up one paisa to $; Rs 42.73

The rupee continued its mild rally and further appreciated by one paisa against the greenback at a relatively active interbank foreign exchange market today.

The rupee opened a bit lower at Rs 42.75/77, remained at that level for sometime in the morning, as some corporates, disappointed by the delayed election, started buying good amount of the greenback.

However, renewed dollar supply at that level helped the rupee to recover its initial losses and ended with marginal gain of one paise. The Indian unit ended at Rs 42.73/7325 as against Rs 42.74/7450 the previous day.

Activity in the forward market was very dull with negligible import booking and forward premia remained steady. The six-month and yearly premia ended at 5.97 per cent and 6.79 per cent respectively.

Cash/spot and cash/tomorrow finished at 1.00-1.50 paise and 0.50-0.75 paise premia respectively. The month-wise premia in paise were: May 11.5-13, June 31-32, July 51.5-53, August 73-75, September 96-98 and October 121-122.

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

In the cross currency, rupee weakened marginally against pound sterling, euro and Japanese yen. Rupee ended against sterling at Rs 69.49 (68.93), euro at Rs 45.66 (45.15) and yen at Rs 35.35 (35.28).

In the domestic money market, the call rates opened steady at 8.25-8.40 per cent ruled marginally higher and closed at 9.00-9.25 per cent on good fund demand from participants ahead of the reporting Friday.

UNI

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