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SBI helps rupee to recover from early losses

• Rs 43.42 vs $
• Rs 46.77 vs euro
• Rs 72.47 vs pound
• Rs 40.86 vs yen (100)

After a five-paise intra-day fall against the greenback, the Indian rupee reported marginal recovery towards the fag end of trading, still showing a decline of nearly two paise from the previous close at the interbank foreign exchange market today.

The rupee opened at Rs 43.3850/3950 per dollar and suddenly fell to Rs 43.4400/4500 registering an intra-day fall of five paise during the morning session. However, the Indian currency later posted small recovery in the afternoon following dollar selling pressure from the State Bank of India and others at the fag end of trading. The rupee finally closed at Rs 43.4100/4200, showing a net loss of two paise from the previous close of Rs 43.3950/4000 per dollar.

Cash-spot business was done at 1.00-1.50 paise premium and cash-tomorrow ended at 0.50-0.75 paise premium.

Activity in the forward market remained dull with the monthly forward premia witnessing marginal drop from the previous levels.

The sixth months and yearly annualised forward premia ended at 5.53 and 5.55 per cent as against the previous close of 5.55 and 5.56 per cent respectively.

The monthly forward premia in paise were closed at October 2.50-3.50, November 23-24, December 42-44, January 64-66, February 84-85, March 104-105 and April 124-125 respectively.

The Reserve Bank of India has fixed the reference for the US dollar at Rs 43.45 per US unit.

Elsewhere, the rupee declined against euro, pound sterling and Japanese yen from the previous close levels. The Indian unit ended at Rs 46.77 (Rs 46.72) per euro, Rs 72.47 (72.46) per pound and Rs 40.86 (40.82) Japanese yen.

UNI

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