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Rupee dips by 3 paise

The rupee opened almost unchanged at Rs 41.72/75, went down to Rs 41.80/82 level due to heavy dollar buying by corporates and banks till mid session. State Bank of India then sold enough dollars which helped the rupee to recover partially to close at Rs 41.75/78.

Nominal amount of merchant bookings were conducted in near forwards as importers were cautious about the rupee movement in the coming days, dealers said.

The six-month annualised premium and yearly premium were quoted at 8.71 and 9.96 per cent.

The forward dollars did not move significantly and closed steady at previous levels, as importers had not shown much interest today, dealers said.

The cash/spot business was conducted at 0.25-0.5 paisa while cash/tom was done at level to 0.25 paisa premium. The monthwise premium were June 20-22 paise, July 50-53 paise, August 83-85 paise, September 113-116 paise, October 146-149 paise, November 178-182 paise and December 212-217 paise.

The pound sterling, Deutsche mark and Japanese yen also edged up against the rupee and quoted Rs 68.39 for sterling Rs 23.49 for DM and Rs 30.14 for yen.

The Reserve Bank of India fixed the reference rate for US dollar at Rs 41.80 against Rs 41.79 of the previous day.

UNI