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Slack demand keeps rupee steady, Rs 42.55/56

Opening at 42.55/57 against the American currency, the rupee moved up to 42.52/54 on nominal dollar selling from certain quarters, but closed slightly lower at 42.55/56 as against the previous close of 42.55/57.

Cash/spot and cash/tomorrow were not quoted as the New York market was closed, whereas tomorrow/spot was 0.75- 1.25 paise at the close of trading.

There was nominal amount of inward and outward remittances but merchant booking remained negligible, dealers said.

The monthly premia (in paise) were 16-19 for September, 48-51 for October, 79-82 for November, 111-115 for December, 142-147 for January, 173-178 for February and 208-213 for March. The six month annualised premia closed at 8.82 per cent.

The rupee closed at 70.95 against the pound sterling, 32.51 for yen and 24.75 against deutsche mark. Elsewhere, the Reserve Bank of India fixed the reference rate at Rs 42.55 against the US dollar as against the previous Rs 42.54.

UNI