Rupee Stays Steady, Forwards Soften
FOREX REPORT
The rupee remained fairly steady against the dollar in the inter-bank forex market last year as the spot market was not heavily impacted by the cut in the bank rate to 10 per cent from 11 per cent. The forward premiums, however, remained weak throughout the day despite limited receiving action. The six-month annualised premium closed at 3.7 per cent.
The spot rupee opened at 35.81-82. There was some buying activity during the day causing the dollar to rise to an intra-day high of 35.83.
Also Read
Market sources say the RBI had entered the market making some nominal purchases. After the RBI moved out of the market the rupee climbed to the close levels. The RBIs reference rate was 35.33.
The cash tom was .25/.75 paise, the tom spot was 1.25/2.25 paise, and the cash-spot was 1.5/2.5 paise.
In the forward segment the premiums remained soft despite the fact that there was limited receiving pressure.
The market, which was characterised by exporters aggressively selling their forward dollar remittances, kept out yesterday. Market sources say the rates were too low to be attract exporters, who largely kept out of the market.
In the foreign currency section, the pound sterling was mildly expensive against the rupee at Rs 59.67-69 per pound. The mark closed at Rs. 20.76-78.