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Rupee steady

The market opened nearly steady at Rs 38.84-87 per US dollar. Due to a lack of fresh demand, it hovered at the same level till mid-trading. During the afternoon session, some nationalised banks started booking profits which drifted the dollar rate to Rs 38.84-86.

Paying pressure from the interbank raised the forward premium by 10 paise, leading dealers said. The cash/spot dollar was quoted at 0.50-0.75 per cent.

The forward premiums in paise are: 5-6 for February, 50-52 for March, 110-113 for April, 150-153 for May, 200-204 for June, 242-247 for July, 275-280 for August and 315-320 for September.

The six-month annualised premia was quoted at 13.82 per cent.

The Reserve Bank of India fixed the reference rate for US dollar at Rs 38.88 as against Rs 38.83 on the last working day.

Most of the world currency remained at the previous levels.The pound sterling was quoted at Rs 63.78, Deutsche mark at Rs 21.40 and Japanese yen at Rs 30.85.

A nominal amount of export and import booking was conducted in cash and spot basis, while marginal amount of export booking was done in the near forwards basis in the merchant section.

UNI