Rupee Static In Thin Trade, Forwards Edge Upward

The spot rupee traded in a very thin range of 48.71 to 48.73 today amid very low trading volumes. Forward premiums rose a little as call money rates stayed high and government paper yields went up during the day.

The rupee opened at 48.73/74 and strengthened a bit to close in the 48.71/72 range. A dealer with a foreign bank said: