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Subdued RBI keeps market quiet and rupee stable; Rs 42.53/56

The rupee strengthened marginally but remained stable in an unusual trading session in the interbank foreign exchange (forex) market in Bombay today.

The Indian unit opened at 42.54/56 and moved in a narrow range before closing at the fag end at 42.53/56. Dealers said that the Reserve Bank of India did not make its presence felt in today's trading. Buying by other authorised dealers was nominal, they informed, adding that a few exporters sold in the forward section for the coming months.

Cash/tomorrow was quoted at 1-1.5 paise. Cash/tomorrow and tomorrow/spot ended at 0.5-0.75 paise. The monthly premia (in paise) were 14-17 for September, 44-47 for October, 74-78 for November, 105-109 for December, 139-144 for January, 169-174 for February and 205-210 for March.

The six month annualised premium ended at 8.76 per cent. Pound sterling ended at 70.44, deutsche mark at 24.49 and Japanese yen at 30.98 against the rupee.

Elsewhere, the RBI fixed the reference rate at Rs 42.54 per US dollar as against the last fix of Rs 42.56.

UNI