Rupee Dips On Sbi Yen For Dollar
FOREX REPORT
The rupee slipped by seven paise against the dollar to close at 38.80-81 following late evening dollar buying by the State Bank of India (SBI).
Premiums on forward dollar continued to soften despite Reserve Bank of India (RBI) intervention to close at 10.16 (as against 12.78) per cent for one month, 14.99 (15.85) per cent for three month, 14.45 (15.18) per cent for six month, and 13.27 (14.08) per cent for 12 month. Spot rupee opened at 38.72-74 and appreciated to 38.71 during the day. However, shortly before close, SBI bought dollars in two rounds. Dealers said the bank was quite aggressive in its purchases. This pushed the rupee down to the close levels.
Forward dollar premiums softened despite RBI intervention. It transacted sell-buy swaps in the morning session of trade for February maturity. However, it was not very aggressive and the easy sentiment in the call market brought premiums down by three to 20 paise across maturities.
Monthly premiums (in paise) closed at : 16-17 for February, 55-58 for March, 126-128 for April, 168-173 for May, 212-222 for June, 260-265 for July, 295-305 for August, 333-340 for September, 365-375 for October, 410-420 for November, 450-470 for December, and 490-510 for January.
In the crosses, the Indian currency closed at 62.93 against the pound, 21.43 against the mark, and 31.46 per 100 yen.