Re Weakens On Dollar Purchases By Rbi
FOREX REPORT
The rupee weakened against the dollar following dollar purchases by the Reserve Bank of India (RBI). It closed at 35.805-815. The forward premiums also went down with active receiving interest by exporters. The six-month annualised closed at 4.36 per cent.
The spot rupee opened at 35.77-78. During the first half of the days trading, lack of dollar demand saw the rupee touch an intra-day high of 35.765-775. However, late afternoon, the RBI entered the market and made active purchases of the dollar. This caused the rupee to weaken against the dollar to the close levels. The cash-tom and tom-spot were -.25/.25 paise, and the cash-spot were -.5/.5 paise.
In the forward segment, the forward dollar was cheaper as exporters actively sold their forward remittances. Forward premiums fell by two to seven paise across the board.
Monthly premiums in paise for the year ahead were 5-7 for June, 14-17 for July, 27-30 for August, 44-47 for September, 61-64 for October, 75-78 for November, 90-93 for December, 104-109 for January, 120-125 for February, 140-145 for March, 160-165 for April, 160-165 for April, and 177-182 for May.
Overseas, the dollar strengthened against the mark following buying interest. The greenback also notched up a few gains against other major world currencies. The rupee also was stronger against major world currencies, closing at 58.4 against the pound, 20.72 against the mark, and 30.69 per 100 yen.