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Rupee nearly steady against dollar

The rupee edged up against the US greenback on dollar sales by participants in a relatively dull interbank foreign exchange market today.

Opening at 42.44/4450, the rupee showed some signs of appreciation, strengthening to 42.4250/4300 level in the intra-day because sellers dominated the market in the morning. However, with fresh short covering by banks at that lower level, the Indian currency surrendered some of its intra-day gain and ended at Rs 42.435/44 against the previous close of 42.44/445.

The rupee continued its steady but slow rally against the dollar during the week and has appreciated about eight paise. The market witnessed moderate activity in view of the end of the fiscal year on March 31, dealers said.

Forward premiums remained steady with low paying pressure and scattered receivings. Near forward premiums ended steady while far forwards moved up by about three paise. The six-month annualised and yearly premiums finished at 7.06 per cent and 7.42 per cent respectively.

Cash/spot and cash/tom finished higher at 3.00-3.50 paise and 2.50-3.25 paise. The monthwise premia (in paise) were -- March 11-13, April 36-38, May 59-61, June 85-88, July 110-113, August 135-138, September 161-165, October 190-194, November 220-223, December 250-253, January 276-279 and February 301-304.

Meanwhile, the Reserve Bank of India has fixed the reference rate at Rs 42.43 a dollar.

The rupee ended at 69.36 (68.89) a pound sterling, 46.35 (46.28) a euro and 35.43 (35.23) a yen. The domestic money market witnessed very thin activity today due to the reporting Friday. The call rates ended lower at 7.00-7.50 per cent.

UNI

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