The US dollar ended cheaper against the rupee at Rs 42.89/90 per dollar at the close of the Interbank Foreign Exchange (Forex) market in Mumbai on June 17. The rupee showed signs of improvement in the morning trade on Tuesday, rising by about four paise to 42.91/92 against the US currency amid steady equity markets.
The activity was dull at the exchange market in the absence of any market moving factors, dealers said. Meanwhile, the Reserve Bank of India (RBI) fixed the reference rate for US dollar at Rs 42.92 and for single European unit at Rs 66.66. The rupee premiums on forward dollar continued its slide for another day and ended sharply down due to sustained receivings by exporters. The benchmark six-month forward dollar premium payable in November ended at 46-1/2 - 48-1/2 paise, lower from 57 - 59 paise on Monday and the far-forward maturing in May closed down at 92 - 94 paise from 106 - 108 paise previously.
In cross currency trades, the rupee also turned stronger against the British Sterling and improved against the Japanese yen. It, however, held steady against the Euro.The domestic currency bounced back with a vengeance against the pound sterling and ended higher at Rs 83.55/57 per pound from its previous close of Rs 84.29/31 per pound and also turned dearer against the Japanese Yen to Rs 39.64/66 per 100 yen from its last close of Rs 39.68/70 per 100 yen.
The activity was dull at the exchange market in the absence of any market moving factors, dealers said. Meanwhile, the Reserve Bank of India (RBI) fixed the reference rate for US dollar at Rs 42.92 and for single European unit at Rs 66.66. The rupee premiums on forward dollar continued its slide for another day and ended sharply down due to sustained receivings by exporters. The benchmark six-month forward dollar premium payable in November ended at 46-1/2 - 48-1/2 paise, lower from 57 - 59 paise on Monday and the far-forward maturing in May closed down at 92 - 94 paise from 106 - 108 paise previously.
In cross currency trades, the rupee also turned stronger against the British Sterling and improved against the Japanese yen. It, however, held steady against the Euro.The domestic currency bounced back with a vengeance against the pound sterling and ended higher at Rs 83.55/57 per pound from its previous close of Rs 84.29/31 per pound and also turned dearer against the Japanese Yen to Rs 39.64/66 per 100 yen from its last close of Rs 39.68/70 per 100 yen.
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