Re Range-Bound, Premiums Gain
FOREX REPORT
The rupee was range-bound against the dollar yesterday and closed at 38.88-89 against Wednesday's close of 38.83-86.
Forward premiums have been moving up steadily during the course of this week and they went up yesterday also.
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The banks which had received premiums till some time back are now booking profit and this has pushed up premiums.
Yesterday demand from one of the nationalised banks saw premiums being pushed up.
One-month premiums closed at 11.83 per cent (as against 11.30 per cent Wednesday), three-month at 15.18 per cent (14.93 per cent), six-month at 14.64 per cent (14.41 per cent), and one-year at 13.40 per cent (13.38 per cent).
The spot rupee was steady after opening at 38.85-87. The Reserve Bank of Indias (RBI) reference rate was 38.86.
Yesterday cash tom closed at 0.25-0.75 paise, cash spot was 1.75-2.25 paise and tom spot closed at 1-1.5 paise.
Monthly premiums (in paise) closed at : 1-2 for February, 50-51 for March, 110-112 for April, 157-160 for May, 205-208 for June, 254-258 for July, 292-294 for August, 324-334 for September, 369-374 for October, 409-414 for November, 449-459 for December, 489-499 for January 1999 and 519-529 for February 1999.
In the crosses, the Indian currency closed at 63.58 against the pound, 21.37 against the mark, and 30.84 per 100 yen.