FOREX REPORT
The rupee remained steady against the dollar, closing at 36.54-55 supported by moderate RBI intervention in the spot and forward market. For the first time, in the last two weeks, the market was not turbulent, said a dealer. Forward premiums slipped further with the six month closing at 6.5 per cent and the one year 7 per cent.
The spot rupee opened at 36.54-58. The RBI made its presence felt right from the morning by asking banks for quotes. It also sold moderate amounts during the day which kept the rupee stable. The State Bank of India (SBI) had made some moderate purchases which did not impact the market on account of selling by the RBI.
Cash-tom was 3.5/4.5 paise and cash-spot was 4/5 paise. Forward premiums slipped further by seven paise as corporate interest cooled off. Corporates are cautious but they are adopting a much more rational attitude and are only covering for the near term. There is no panic now, said a dealer.
Monthly premiums (in paise) closed at 8-11 for September, 28-33 for October, 48-53 for November, 72-77 for December, 93-98 for January, 110-115 for February, 133-138 for March, 158-160 for April, 177-182 for May, 199-204 for June, 222-227 for July, and 243-248 for August.
In the crosses, the rupee closed at 57.99 against the pound, 20.04 against the mark, and 30.71 per 100 yen.