FOREX REPORT
The rupee remained steady against the dollar to close at 35.72-73 in a listless trading session in the inter-bank forex market yesterday. Premiums on the forward dollar also remained fairly steady with the six-month closing at 4.82 per cent and the one-year at 4.9 per cent.
Dealers said that trading in the market was unusually dull as majority of the forex dealers left for the Forex Club meet in Goa. Hence, neither the Reserve Bank of India (RBI) nor any of the major banks were active in the market.
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The spot rupee opened at 35.72-73 and remained steady for most of the day. However, around 12.45 pm it weakened briefly to touch an intra-day low of 35.73-74 on account of corporate demand. However, this subsided and the rupee recovered to the close levels.
Forward premiums moved in a very narrow band. Activity in the forward market remained dull with little demand being observed. Monthly premiums in paise were 2-5 for August, 12-15 for September, 23-26 for October, 38-41 for November, 55-58 for December, 72-75 for January, 87-90 for February, 103-106 for March, 119-122 for April, 135-138 for May, 150-153 for June, and 166-169 for July.
In the crosses, the rupee remained firm against major world currencies in line with the dollar's rally against these currencies. The greeenback closed at 56.51 against the pound, 19.45 against the mark, and 30.62 per 100 yen.