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Rupee drops by 9 paise

The market opened nearly steady at Rs 39.25-29 per US unit. It improved further on demand from the corporate sectors during the first session of trading and was quoted at Rs 39.30-31. It hovered at the same level for most part of the day.

At the fag end, the State Bank of India entered the market and bought a sizeable amount of dollars on behalf of its clients to square up the routine transactions. The rupee finally closed at Rs 39.34-35, leading forex manager said.

However, forward premiums remained constant at the earlier level, they added.

The six-month annualised premium was quoted at 14 per cent. A good amount of export and import booking was conducted in cash and spot basis and nominal amount of export booking was done in near forwards.

The cash to spot dollar was traded at two paise premium. The six-month premium quoted in paise: 35-38 for March, 95-97 for April, 141-144 for May, 188-193 for June, 236-240 for July, 276-280 for August, 317-323 for September and 356-361 for October.

The pound sterling was traded at Rs 64.77, mark at Rs 21.74 and yen at Rs 31.16 in the market.

The Reserve Bank of India fixed the reference rate for the dollar at Rs 39.30 as against Rs 39.27 on the last working day.

UNI