Rupee Closes At 35.825 Against Dollar

FOREX REPORT

The rupee remained steady against the dollar despite purchases made by the Reserve Bank of India (RBI) in both the spot and forward segments of the market. The spot rupee closed at 35.825. The six month annualised forward premium closed at 4.05 per cent and the one year premium closed at 4.58 per cent.

The spot rupee opened at 35.82. Initially the market saw selling and the rupee moved up to 35.78 levels at which the Reserve Bank entered the market and made purchases, picking up dollars that banks were offloading. This caused a marginal half paise move in the exchange rate. The cash-tom and tom-spot were both -.25/.25 paise, and the cash-spot was -.5/.5 paise. Cash/spot was -0.5 /0.5 . The apex bank was in the spot market and showed interest in the greenback at 35.82 levels

Monthly premiums in paise for the year ahead were 0-0 for June, 7-10 for July, 17-20 for August, 30-33 for September, 44-47 for October, 60-63 for November, 75-78 for December, 89-92 for January, 102-105 for February, 118-121 for March, 134-137 for April, and 149-152 for May and 164-167 for June .

Overseas, the markets remained quiet with major currencies not showing much movement. The market is awaiting the release of Japanese trade data. The rupee weakened slightly at 59.70 against the pound, 20.78 against the mark, and 31.22 per 100 yen. The Japanese trade data due to be released shortly is being keenly awaited by the dealers.