Re In Groove, Forwards Steady

The rupee remained range-bound against the dollar, closing at 36.3525-3625, following a fairly dull trading session.

The State Bank of India (SBI) which was actively buying for over a week was not in the market yesterday and this caused the rupee to strengthen.

Forward premiums also remained steady with the six-month annualised closing at 6.39 per cent and the one-year at 6.19 per cent.

Spot rupee opened at 36.37-38. While there was some corporate demand for most of the day, banks were selling dollars as they had long positions.

Hence, the Indian currency appreciated to close levels.

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

In the forward market trading continued to remain low key and premiums hardly moved. As was the case on Monday, yesterday also, most of the interest was in the spot market as compared to the forward market.

Monthly premiums (in paise) for the year ahead closed at 11-14 for November, 29-32 for December, 47-50 for January, 67-70 for February, 88-91 for March, 110-113 for April, 128-133 for May, 147-152 for June, 167-172 for July, 187-192 for August, 207-210 for September, 225-228 for October, and 244-248 for November.

In the crosses, rupee continued to weaken against major world currencies on account of the dollars weakening overseas.

Rupee closed at 61.12 against pound, 21.11 against the mark, and 29.94 per 100 yen.