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Steady dollar supply pushes rupee up; Rs 42.25/26

The rupee appreciated marginally and was traded in a narrow range against the dollar due to good supply of the greenback at the interbank foreign exchange market today.

Opening at Rs 42.28/29, the rupee remained in a thin range and ended at Rs 42.25/26 as against the previous close of Rs 42.28/29.

According to dealers, exporters and some corporate clients of banks off-loaded dollars in the market improving the supply situation.

Cash/spot ended at 0.75-1.00 paise, tomorrow/spot and cash/tomorrow at 0.25-0.50 paise respectively.

Forward premia (in paise) were 0.00-1.00 paise for October, 19-22 for November, 43-47 for December, 72-75 for January, 100-105 for February, 130-139 for March and 160-165 for April.

The six-month annualised premia ended at 7.80 per cent. The rupee closed at 71.02 against the pound sterling, 25.58 against deustche mark and 35.50 against Japanese yen.

Meanwhile, the Reserve Bank of India fixed the reference rate at Rs 42.27 per dollar as against the previous fix of Rs 42.29.

UNI