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As fiscal year-end nears, 'stable' rupee barely moves in dull market; Rs 42.39/40 vs $

The rupee, after moving in a very narrow range, ended steady at Rs 42.3950/4050 in a dull interbank foreign exchange market today.

Opening at Rs 42.39/40, the rupee barely moved, ranging between Rs 42.39/40 and Rs 42.40/41 throughout the day and ended steady at Rs 42.3950/4050, the same level of the previous closing.

The activity in the market remained dull in view of the fiscal year ending, dealers said adding that importers were waiting in view of the rupee's stability.

Forward premia, which moved up slightly in the morning due to some paying pressure, later eased on receivings by State Bank of India. The sixth month annualised and yearly premia ended at 7.09 per cent and 7.40 per cent respectively.

Cash/spot ended at 1.75-2.00 paise premium while cash/tomorrow finished at 1.25-1.50 paise premium. The month-wise premia in paise were: April 24-26, May 48-50, June 73-75, July 99-101, August 123-125 and September 147-150.

The rupee ended at Rs 68.79 a pound sterling, Rs 35.57 a yen and Rs 45.91 against euro.

In the domestic money market, the call rates closed lower at 5.00-5.50 per cent on ample liquidity and very lower demand as today was the reporting Friday.

UNI

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