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Rupee gains three paise against dollar; Rs 42.32/33

The rupee ended about three paise higher against the greenback on the interbank foreign exchange market today.

Opening steady at Rs 42.35/36, the rupee slightly eased to the day's low of Rs 42.3550/3650 in the morning on some dollar demand, and remained around Rs 42.35/36 level till afternoon.

But, later in the afternoon, the rupee strengthened on fresh dollar sales by banks and corporates and lower dollar demand, rose to the day's high of Rs 42.30/31 before closing at Rs 42.32/33 against the previous close of Rs 3450/3550, gaining its value by about three paise.

Forward premia came down a bit lower in the absence of paying pressure and moderate receiving. Near forwards eased by about two paise while far forward were lower by one paise. The third month, sixth month and yearly annualised premia were quoted marginally lower at 7.20 per cent, 8.40 per cent and 8.85 per cent.

Meanwhile, the Reserve Bank of India maintained its reference for US dollar at Rs 42.36.

The month-wise premia in paise were: October 9-11, November 33-36, December 59-62, January 89-92, February 121-125, March 154-159, April 188-193, May 224-229, June 253-160 and July 289-294.

In the cross currency market, the rupee were marginally up against sterling, deutsche mark and yen and quoted for Rs 71.50 (72.33), for DM at Rs 25.62 (25.99), and for yen Rs 35.84 (35.96).

In the domestic money market, the call rates opened at 8.25-8.50 per cent later moved up at the fag end to close higher at 9.00-9.25 per cent on increased fund demand as the participants were bidding on the state government loan.

UNI