Re Closes A Tad Higher At 41.7850

FOREX REPORT

The State Bank of India (SBI) continued to cap the value of rupee at 41.80 against the dollar, and the rupee closed marginally stronger at 41.7750-7850 yesterday. On Wednesday, the rupee had closed at 41.78-80 against the dollar.

Yesterday, the spot rupee opened at 41.78-80, and Reserve Bank of India's (RBI) reference rate was unchanged at 41.80 against the dollar.

The State Bank of India was in the market yesterday offering two way quotes of 41.78-80, and also fine tuning the same.

Premiums declined especially at the near end because of ample liquidity in the system and some receiving interest. Yesterday, one month premiums closed at (in per cent) 6.38 (6.70 on Wednesday), three month at 8.25 (8.41), six month at 8.92 (8.90) and one year at 9.12 (9.06).

Yesterday, the cash tom was 0-0.50 paise, cash spot was 0.25-1.25 paise and tom spot was 0.25-0.75 paise.

Monthly premiums (in paise) closed at: 13-16 for June, 42-46 for July, 75-79 for August, 109-114 for September, 142-146 for October, 175-180 for November, 210-213 for December, 243-247 for January, 1999, 275-279 for February, 309-313 for March, 340-344 for April and 371-375 for May.

In the crosses, rupee closed at 68.79 against the British pound, 23.58 against the German mark and 30.19 per 100 Japanese yen.