Rupee Stays In Slot, Forwards Steady

FOREX REPORT

Range-bound trading was witnessed in the spot dollar, while forward premium remained steady in a quiet and dull inter-bank foreign exchange market here yesterday.

The spot dollar opened at Rs 39.69-71 and gradually went up to Rs 39.74-76 due to general corporate demand which was only update of the day. Otherwise most of the deals took place in the Rs 39.72-73 range during the intra-day trading. It finally closed at Rs 39.70-71, leading dealers said.

Exporters and importers were waiting for the announcement of the Reserve Bank of Indias (RBI) credit policy, dealers added. Due to dull movement in the spot dollar, there was no movement in the swaps sections. By and large the premiums were remained constant at the earlier level, they said.

A nominal amount of export and import booking was conducted in cash and spot basis, while marginal amount of export booking was done in far forwards in merchant section.

The cash to spot dollar was quoted at 0.25 to 0.50 paise premium. The month-wise premium were quoted in paise are: 1.00-1.50 for April, 13.00-15.00 for May, 33.00-35.00 for June, 53.00-56.00 for July, 81.00-84.00 for August, 111.00114.00 for September, 139.00-143.00 for October and 170.00-174.00 for September.

The world major currencies pound sterling traded at Rs 66.45, mark at Rs 22.16 and yen at Rs 30.40 in the cross currency market.

Meanwhile, the Reserve Bank of India (RBI) fixed rate for the dollar at Rs 39.73 as against Rs 39.70 on the last working day.