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Rupee range-bound in dull trading, ends a tad stronger

• Rs 43.47 vs $
• Rs 46.19 vs euro
• Rs 70.02 vs pound
• Rs 39.75 vs yen (100)

The rupee showed signs of strengthening against the greenback in early deals today, but gains were liquidated on better demand for the US dollar during the closing hours at the interbank foreign exchange market.

Opening at 43.47/48, the rupee appreciated by a paisa to 43.46/47 on selling by a few major banks. However, it weakened to end at 43.48/49 on pick-up in demand in the market. The rupee ended nearly at the same levels as the previous closing of 43.4750/4850.

The forwards tracked the spot rupee and went up on some paying pressure. Monthly premia (in paise) were 17-18 for September, 35-36 for October, 53-56 for November, 72-74 for December, 97-98 for January, 116-118 for February and 136-138 for March. The six- month annualised premia ended at 5.53 per cent.

Cash/spot ended at 1.00-1.25 paise, while tomorrow/spot and cash/tomorrow both closed at 0.50-0.75 paise. The Indian unit ended at 70.02 to a pound sterling, 46.19 to a euro and 39.75 to Japanese yen (100).

Meanwhile, the Reserve Bank of India fixed the reference rate at Rs 43.47 as against the previous session's Rs 43.48.

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