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Rupee steady as SBI plays spectator; Rs 42.25/26

The rupee remained rock-steady against the greenback in listless trading at the interbank foreign exchange market in Bombay.

The currency opened at Rs 42.26/27 and hovered at the opening level throughout the day. State Bank of India neither made any purchases nor sales, but was watching activity and was seen issuing bid quotes, dealers said.

The Indian unit finally ended at Rs 42.25/26, down by only one paise from the previous close.

The forward section also witnessed a subdued trend, they said.

Cash-spot business was done 0.75-1.00 paise premium, while cash-tomorrow traded at 0.25-0.50 paise premium.

Monthly forward premium in paise were quoted at October 0-1, November 16-19, December 37-40, January 64-69, February 91-96, March 118-124, April 148-154, May 178-183, June 208-214, July 238-245, August 268-276 and September 298-306.

The Reserve Bank of India has fixed the reference rate for the US dollar at Rs 42.26 against Rs 42.27.

The forward premia in percentage was October 4.72, November 5.35, December 6.16, January 6.50, February 6.87, March 7.12, April 7.31, May 7.46, June 7.61, July 7.70, August 7.76 and September 7.83 per cent.

The overseas market also witnessed quiet and steady trend. In the cross currency deals, the rupee was traded between Rs 70.47 and Rs 70.35 against a pound sterling. It was quoted at Rs 25.45 for a deutsche mark and Rs 35.35 against Japanese yen.

UNI