Bhel, Others Drive Down Aggregate Net Of 942 Firms To 0.2%

FOREX REPORT

The rupee strengthened yesterday to close at 43.2250 against the US dollar compared with last Friday's closing of 43.3950. The rupee was boosted by good news on the Kashmir front and some selling of dollars by a nationalised bank.

The rupee began quoting stronger against the dollar almost as soon as it opened yesterday morning. It was trading at 43.25 within an hour of opening.

"The news that there had been a deal between US president Bill Clinton and Pakistan premier Nawaz Sharif about pullback of the intruders was perceived as a good news by the market,'' said a dealer.

The rupee slipped to 43.29 following demand for dollars by some oil companies, but rebounded on selling by nationalised banks. Interbank volumes rose though corporate volumes remained low. Forward premiums slipped and closed lower over Friday's close.

The closing levels of annualised premiums were : 1-month - 3.95 per cent (4.62 per cent on Friday), 3 month at 4.59 per cent (4.85 per cent), 6-month -4.88 per cent (5.19 per cent); 9-month -5.27 per cent (5.70 per cent), 12 months - at 5.56 per cent (5.91 per cent ). Tom spot closed at .25-.75 yesterday.

Premiums (in paise) closed at: July - 9-10; August - 27-28; Sep - 44-46; Oct - 62-64; Nov - 81-83; Dec - 99-101; Jan - 121-123 , Feb - 142-143, March - 163-165 April - 189-191; May - 211-213; June - 232-235. In the crosses, the rupee quoted at Rs 68.07 against the British pound, 44.24 against the euro and 35.35 against the (100) Japanese yen.