Rupee Closes At All-Time Low Of 40.2

FOREX REPORT

The rupee closed at an all-time low of 41.15-20 against the dollar. The rupee was quoted in the region of 41.12 at 4 pm. But, then corporates came into the market to cover which resulted in the rupee slipping. Looking at the movement of the rupee at the end of the day, dealers point out that the rupee would slip further today, possibly it could touch 40.30.

On Monday, the rupee after touching a new low of 41.19 against the dollar and closed at 40.91-96. On Friday, it had closed at 40.65-67. Premiums softened marginally with one month closing at 8.88 per cent (9.32 on Monday), three month at 8.69 per cent (8.77), six month at 9.15 per cent (9.45), and one year at 8.95 per cent (9.22).

Yesterday the rupee opened at 40.07-15 and the Reserve Bank's reference rate was 41.13 per US dollar as against 40.92 on Monday. Cash tom was 0.25-0.375 paise, cash spot was 0.25-0.50 per cent and tom spot was 0.50-0.375 paise.

Monthly premiums (in paise) closed at : 0.25-1 for May, 29-34 for June, 58-63 for July, 90-93 for August, 121-128 for September, 155-162 for October, 187-194 for November, 217-227 for December, 248-258 for January 1999 and 278-282 for February 1999 and 309-312 for March 1999 and 339-342 for April 1999.

In the crosses, rupee closed at 67.28 against the British pound, 23.27 against the German mark, and 29.90 per 100 Japanese yen.