Re Range-Bound Amid Dull Trade
FOREX REPORT
The rupee remained range bound against the dollar yesterday as trading in the market was lacklustre. The rupee ended the day at 39.11-13.
Forward premiums remained steady with the six month premium closing at 9.87 per cent and the 12 month at 8.77 per cent. The Reserve Bank of India (RBI) intervened in the forward market for March.
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Spot rupee opened at 39.135-155. Volumes were very thin as demand from corporates and banks was meagre on account of the financial year end of most foreign banks. Intra-day, the rupee saw a high of 39.085-105 and a low of 39.18-20.
Cash-tom was .5/.5 paise, tom-spot was 1.5/2 paise, and cash-spot was 2/2.5 paise.
Forward premiums ruled steady. However, the Reserve Bank of India intervened in the market selling forward dollars for maturity in March. The near-term premiums continue to stay higher than the far-term premiums.
The one month premiums closed at 10.84 per cent, and the three month at 10.78 per cent.
Monthly premiums (in paise) for the year ahead closed at : December - 3-6; January - 36-41; February - 67-72; March - 106-112; April - 146-153; May - 168-175; June - 188-196; July - 215-223; August - 242-250; September - 265-273; October - 291-301; November - 311-321.
In the crosses, rupee closed at 65.17 against the British pound, 22.02 against the German mark, and 30.08 per 100 Japanese yen.