Marginal Gain In Re, Forwards Steady

Lacklustre demand for the dollar led to the rupee's marginal appreciation in the inter-bank forex market yesterday. The Indian unit closed at 36.215-225. Forward dollar premiums also remained fairly steady with the six-month annualised closing at 5.24 per cent and the twelve month at 5.47 per cent.

Spot rupee opened at 36.22-23, which was last Friday's closing levels. However, the spurt in corporate demand seen last week was missing yesterday. Hence, the rupee which depreciated last week, started recovering yesterday. By afternoon, it was quoting at 36.22-23 and hovered at those levels till the end of the day.

With New York being closed yesterday, there were no cash transactions. Tom-spot quoted at .25/.75 paise. In the forward segment, premiums on the forward dollar moved up compared to Friday's close. Dealers said the upward movement in the premiums was on account of the sharp rise in call money rates.

Monthly premiums (in paise) closed at 4-6 for Oct, 14-17 for Nov, 29-32 for Dec, 47-50 for Jan, 64-67 for Feb, 83-86 for March, 101-104 for April, 118-121 for May, 135-138 for June, 152-155 for July, 170-173 for Aug, and 187-190 for Sept. Trading in crosses were dull on account of New York being closed. Rupee closed at 58.77 against the pound, 20.67 against the mark, and 29.99 per 100 yen.