Re, Forwards Steady On A Listless Day

FOREX REPORT

The rupee remained steady against the dollar closing at 36.475-485 in a lacklustre trading session. Forward dollar premiums, too, remained fairly steady with the six-month annualised and one-year premiums closing at 6.3 per cent and 6.7 per cent, respectively.

Spot rupee opened at 35.475-495 and it slipped down by one paisa to 36.485-495 for a brief period in the morning session, following some purchases by the State Bank of India (SBI). SBIs purchases were, however, moderate and it soon moved out of the market. The rupee quickly recovered and remained at those levels during the day.

Cash-tom and tom-spot closed at .25/.5 paisa, and cash-spot closed at .5/1 paisa.

Forward premiums moved up following some inter-bank paying pressure in the morning. However, they came off a little during the day. The pressures in the forward market came from banks which were unwinding their received positions, said a dealer. Monthly premiums (in paisa) closed at 7-10 for September, 29-32 for October, 47-50 for November, 69-72 for December, 89-92 for January, 104-107 for February, 124-127 for March, 144-147 for April, 164-167 for May, 183-186 for June, 202-206 for July, and 222-227 for August.

In the crosses, rupee remained steady against major currencies. Tracking the movements of the dollar, it closed at 58.0 against the sterling, 20.55 against the mark, and 30.20 per 100 yen.