Re Dips On Sbi Later-Hour $ Buying

FOREX REPORT

The spot rupee weakened marginally against the dollar on late evening buying by the State Bank of India (SBI) yesterday, dealers said. It closed at 42.5450-5650, against 42.5375-5475 last Friday.

They said the forward rupee weakened on corporate demand and inter-bank profit taking. Dollar premiums closed at 4.96 percent for one month (4.67 percent on Friday), 6.51 percent for three months (6.21), 7.84 percent for six months (7.54 percent), and 8.88 percent for 12 months (8.55).

Spot rupee was held around the opening level 42.52-54 in light, uneventful trade, dealers said. But demand from the SBI late evening caused it to slip by two paise, they said. But its marginal weakening was contained by supplies from importer cancellations, among other sources, they added.

The RBI's mid-day reference rate was 42.55, against 42.56 on Friday.

Cash-tom and tom-spot were 0/.25 paise each, and cash-spot was 0/.5 paise.

The forward rupee weakened on inter-bank profit taking as well as some importer paying, dealers said. Volumes, however, were nominal, they added.

Premiums (in paise) closed at: Aug - 14-15; Sep - 34-36; Oct - 63-66; Nov - 95-98; Dec - 128-131; Jan - 161-164; Feb - 194-197; Mar - 232-235; Apr - 269-272; May - 304-308; Jun - 337-341; Jul - 370-375.

In the crosses, the rupee closed at 69.07 against the British pound, 23.81 against the German mark, and 29.24 per 100 Japanese yen.