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|April 21, 1999||
Rupee slips four paise to Rs 42.81 to $
After some initial strengthening, the rupee ended four paise lower against the US greenback influenced by the uncertain political developments at the interbank foreign exchange market today.
Opening slightly higher at Rs 42.70/75, the rupee further moved up to Rs 42.65/67 level in the morning on good corporate dollar selling, expecting the passage of the Budget in Parliament without any debate.
But the rupee came under severe pressure in the afternoon as the Lok Sabha was adjourned for the day without passing the Budget, resulting in hectic dollar buying by panicky importers.
The rupee lost all its intra-day gain and closed lower at Rs 42.79/81 as against Rs 42.75/76 of the previous day, losing four paise.
Forward premia moved marginally up on paying pressure. The six-month annualised and yearly premia closed a bit higher at 6.68 per cent and 7.24 per cent respectively. Monthly premia on an average edged up by 1-2 paise.
Cash/spot and cash/tomorrow ended at 1.00-1.25 papise and 0.50-0.75 paise respectively. The month-wise premia in paise were, April 4-5, May 24-26, June 47-49, July 71-73, August 94-97, September 120-122, October 148-150, November 176-179, December 207-209, January 237-239, February 263-265 and March 290-292.
Meanwhile, the Reserve Bank of India has fixed the reference rate for US dollar at Rs 42.71 as against Rs 42.79 of the previous day. The rupee ended against sterling at Rs 68.73 (69.09), euro at Rs 45.35 (45.55) and yen at Rs 35.92 (36.24).
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