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Rupee goes down another 2 paise

The rupee opened at around the previous closing levels of Rs 40.52/55, slided to Rs 40.60/61 around mid-session on heavy dollar demand by banks and corporates and finally closed at Rs 40.54/56 as against the previous close of Rs 40.52/54.

The State Bank of India actively participated in the two- way business in the afternoon session.

The sixth month annualised premium worked out to 8.58 per cent and the yearly premium at 8.16 per cent as compared to 7.84 per cent and 8.29 per cent respectively of last working day.

A good amount of merchant booking was conducted in near forward dollars, leading dealers said.

Forward dollars were up by 7-8 paise due to heavy booking by importers. Cash/spot and cash/tom business were conducted at 0.25-0.75 paisa level and level to 0.50 paisa respectively.

The monthwise premium in paise were: May 1-2 paise, June 25-26 paise, July 54-57 paise, August 84-87 paise, Sept 114-117 paise, October 145-148 paise, November 175-179 paise and December 207-212 paise.

The pound sterling, which weakened against US dollar, firmed up against the rupee and was quoted at Rs 65.99 against previous rate of Rs 65.91. The rupee also weakened slightly against the mark and yen and quoted at Rs 22.97 (22.80) per mark and Rs 29.97 (Rs 29.79) per 100 yen.

The Reserve Bank of India fixed the reference rate for US dollar at Rs 40.58 as against Rs 40.50 of the previous day.

UNI