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Rs 42.55/57; Rupee depreciates by 5 paise

The rupee opened steady at Rs 42.51/52 per unit. A good demand from all quarters shot the value of dollar northwards at Rs 42.54/55 level where it remained for major part of the day. Market player State Bank of India as well as the corporates were mostly present on the buying counter which resulted in heavy demand and the rupee depreciated by five paise to close at Rs 42.55/57, leading dealers said.

The cash/spot was quoted at 1.50 to 2 paise level while call rate was quoted at 9.0 per cent level. The six-month annualised premia was fixed at 9.59 per cent.

The Reserve Bank of India on the other hand fixed its reference rate lower at Rs 42.54 per unit against its previous close of Rs 42.56 per US dollar.

Paying pressures at the forwards resulted in the premia going up. The monthly premia in paise were quoted at : 20-25 for September, 56-64 for October, 87-94 for November, 122-129 for December, 157-163 for January, 191-195 for February, 227-232 for March, 265-270 for April, 302-307 for May, 337-342 for June, 371-374 for July and 405-412 for August, dealers added.

The overseas market was thoroughly volatile today as the dollar and mark strengthened against the major currencies. The rupee equivalent of the dollar was as follows: against pound sterling Rs 70.99, against Deutsche mark Rs 24.44 and against Japanese yen Rs 31.40.

UNI