Rupee Touches 41.80, Premia Steady
The State Bank of India (SBI) capped the value of Rupee at 41.80 against the dollar. Throughout yesterday, SBI was in the market offering a quote of 41.77-80 and according to market estimates SBI would have sold around $50-$75 million.
The Rupee had closed at 41.77-79 on Tuesday. The SBI has been in the market capping the Rupee during the last few days
The spot Rupee opened at 41.79-81 and RBIs reference rate was unchanged at 41.80 against the dollar. Premiums were steady yesterday with one month closing at (in per cent) 6.70 (7.16 on Tuesday), three month at 8.41 (8.47), six month at 8.90 (8.85), and one year at 9.06 (9.01).
Latest figures released by RBI reveal that net forward sales by the apex bank stood at $ 1427 million at the end of April 1998 as against $ 1792 million in March 1998. Yesterday cash tom was 0-0.50 paise, cash spot was 0-1 paise and tom spot was 0-0.50 paise.
Monthly premiums (in paise) closed at: 17-20 for June, 47-50 for July, 80-85 for August, 113-116 for September, 145-150 for October, 178-183 for November, 211-218 for December, 244-255 for January 1999 and 277-282 for February 1999 and 310-314 for March 1999 and 339-346 for April 1999 and 371-376 for May 1999. In the crosses, rupee closed at 68.37 against the British pound, 23.57 against the German mark, and 30.33 per 100 Japanese yen.