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Rupee steady

The market opened slightly higher at Rs 38.87-89 per US unit on overnight buying support, and was hovering at same level for most part of the day. However, it could not sustain the peak level in the absence of market player -- the State Bank of India (SBI) and corporate sectors and finally closed at Rs 38.84-85, leading forex dealers said.

The paying pressure from the nationalised banks and some export cancellation had an impact on forward premium, which drifted higher by 7 to 8 paise.

The cash to spot dollar traded at 0.75-1 paisa premium. The forward premiums, in paise, were: 3-5 for February, 49-52 for March, 111-114 for April, 153-156 for May, 202-206 for June, 253-256 for July, 287-290 for August and 325-330 for September.

The six-month annualised premia was 13.36 per cent. A good amount of export booking was done in cash/spot basis and marginal amount of short-term export booking was also conducted, dealers added.

Range-bound trading was observed in cross currency market. The world major currencies -- pound sterling was quoted at Rs 63.60, Deutsche mark at Rs 21.30 and Japanese yen at Rs 30.77 per 100.

The Reserve Bank of India fixed its reference rate at Rs 38.86 as against Rs 38.88 on last working day.

UNI