COMMENTARY
INTERVIEWS
SPECIALS
CHAT
ARCHIVES

Exporters offload dollars; rupee edges up eight paise, Rs 42.46/48

The rupee edged up eight paise against the American greenback on dollar offloading by exporters and corporates at the interbank foreign exchange market here today.

Opening at Rs 42.54/56, the rupee moved in a narrow range before the mid-session. However, adequate supply coupled with low demand ensured the Indian unit to climb against the dollar.

''Banks sold dollars on behalf of exporters in the spot and near forwards,'' said a dealer. The rupee closed at Rs 42.46/48 per unit. Cash/spot and tomorrow/spot ended higher at 2-3 paise and 1.75- 2.25 paise respectively. Cash/tomorrow closed at 0.5-1 paise.

The monthly premia (in paise) were 11-13 for September, 40-44 for October, 68-73 for November, 98-103 for December, 130-135 for January, 160-165 for February and 195-200 for March. The six-month annualised premia closed at 8.49 per cent.

Pound sterling was 70.92, Japanese yen at 31.44 and deutsche mark at 24.88 against the rupee. Elsewhere, the Reserve Bank of India maintained the reference rate at Rs 42.54 per US dollar.

UNI