Re Gains Marginally, Forwards Steady

FOREX REPORT

The spot rupee notched a few gains against the dollar as the State Bank of India (SBI) entered the market to sell dollars. It closed at 35.79-80. Forward premiums on the dollar remained fairly steady strengthening in percentage terms on account of a stronger rupee at the close of trading. The six-month premium closed at 3.53 per cent and the one year closed at 3.88 per cent.

The spot rupee opened at 35.815-825. Initially, the rupee remained quite steady as there were no activity. Then the SBI entered the market to sell dollars. This pushed down the greenback to the close levels of 35.79-80 which was also the intra-day high for the rupee.

The cash-tom was -.25/.25 paise, the tom-spot was 0/.25 paise, and the cash-spot was 0/.5 paise. The forward segment saw some receiving interest though it was limited. The premiums barely moved with those for some months registering a rise of one paise.

Monthly premiums in paise were 4-7 for July, 12-15 for August, 22-25 for September, 34-37 for October, 46-49 for November, 58-61 for December, 68-71 for January, 78-81 for February, 91-94 for March, 106-109 for April, 119-122 for May, and 133-136 for June.

Overseas the dollar remained steady against other major world currencies. Consequently, the rupee also held its ground closing at 59.36 against the pound, 20.44 against the mark, and 31.29 per 100 yen.