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Demand for $ poor as corporates, exporters sell; rupee up three paise, Rs 42.54/55

The rupee staged a modest rally on dollar-selling by exporters and corporates coupled with poor demand for the greenback at the interbank foreign exchange market.

The rupee opened at the previous level of Rs 42.57/58, and appreciated to close at Rs 42.54/55, reflecting a rise of three paise.

The monthly forwards (in paise) were 6-7 for December, 26-29 for January, 50-53 for February, 80-83 for March, 112-115 for April, 142-145 for May and 172-176 for June. The six-month annualised premia ended at 7.63 per cent.

Cash/spot closed at 1-1.25 paise, cash/tomorrow at 0.00-0.25 paise and tomorrow/spot at 0.25-0.50 paise.

In Tokyo, the US dollar was trading at 117.58 yen on the foreign exchange market at 0800 GMT, up 1.96 yen from late Monday.

The rupee, meanwhile, ended at Rs 71.62 against pound sterling, Rs 36.51 against yen and Rs 25.71 deutsche mark in the local market.

The Reserve Bank of India fixed reference rate at Rs 42.57 a dollar from the previous Rs 42.59.

UNI

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