Forward Re Dips On Inter-Bank Paying

FOREX REPORT

The spot rupee was ranged against the dollar in quiet trade and dealers reported very low volumes. It closed at 42.53-55 against 42.545-575 on Tuesday.

The forward rupee, however, slipped slightly particularly for mid maturities on inter-bank paying, dealers reported. Dollar premiums closed at: 1-month - 7.68 per cent (8.19 on Tuesday); 3-month - 8.38 per cent (8.09); 6-month - 8.83 per cent (8.74); 9-month - 9.17 per cent (9.04); 12-month - 9.34 per cent (9.08).

Spot rupee opened at 42.54-56. Trade was very quiet on account of a near absence of corporate demand. The State Bank of India (SBI) also wasn't actively trading in the market. The rupee barely moved during the day and was contained in the 42.53 and 52.56 range.

Cash-tom was .5/1 paise, tom-spot was .5/.75 paise, and cash spot was 1/1.75 paise.

The forward dollar premiums firmed on a marginal rise in inter-bank and corporate paying activity. "There were stray importer deals during the day, but not much receiving," a private bank dealer said. Premiums mainly firmed for medium maturities.

Premiums (in paise) closed at: Sep - 14-17; Oct - 45-48; Nov - 76-79; Dec - 106-111; Jan - 141-146; Feb - 171-176; Mar - 206-211; Apr - 241-246; May - 276-281; Jun - 311-328; Jul - 346-353; Aug - 381-388.

In the crosses, the rupee closed at 70.52 against the British pound, 24.56 against the German mark, and 31.01 per 100 Japanese yen.