Re Range-Bound To Close At 38.73-77

FOREX REPORT

The rupee remained range-bound against the dollar in an uneventful trading session.

The currency witnessed a low of 38.80 and a high of 38.73 before closing at 38.73-77. Forward premiums came off by 10-40 paise across maturities.

They closed at 20.88 per cent for one-month, 20.8 per cent for three-month, 16.26 per cent for six-month, and 14.0 per cent for 12-month-.

Spot rupee opened at 38.70-73. Spot rupee slipped to the intra-day low by midday on some moderate dollar buying by State Bank of India.

However, quiet returned to the market in the afternoon session of trade and the rupee gained partially to reach the close levels.

Cash-tom closed at .25/.75 paise, tom-spot at 1.5/3 paise, and cash-spot at 2/3.5 paise.

The forward market also saw dull trade. The Reserve Bank of India was not noticed in the market.

Market players said the central banks absence resulted in the premiums coming off by 10-40 paise during the day.

Monthly premiums (in paise) closed at : 43-48 for February, 105-115 for March, 180-190 for April, 220-230 for May, 260-270 for June, 295-305 for July, 330-340 for August, 373-380 for September, 405-415 for October, 445-455 for November, 485-495 for December, and 520-530 for January.

In the crosses, rupee closed at 63.90 against the pound, 21.60 against the mark, and 31.45 per 100 yen.