Spot Re Down A Notch; Premiums Up
FOREX REPORT
The rupee weakened marginally against the dollar in intra-day trade yesterday despite good supplies and continued demand from the State Bank of India (SBI), foreign exchange dealers said.
It closed at 42.30-32 as against 42.30-31 on Thursday. The forward rupee also eased slightly on corporate month-end covering, they added. Dollar premiums closed at: 1-month - 5.60 per cent (5.19 per cent on Thursday); 3-month - 6.72 per cent (6.40); 6-month - 7.86 per cent (7.72); 9-month - 8.57 per cent (8.26), and 12-month - 8.54 per cent (8.46). Spot rupee opened stronger at 42.285-315. Steady merchant supplies and lack of inter-bank demand ahead of the long weekend were seen throughout the day. However, steady dollar demand from the SBI, estimated at around $50 million, forced a marginal depreciation in the rupee, dealers said.
Cash-tom was 2.25/2.5 paise, tom-spot were 1.25/1.75 paise, and cash-spot was 3/5 paise. The RBI mid-day reference rate was 42.30 as against 42.29 on Thursday.
Dollar premiums firmed as month-end merchant demand commenced. The rise, however, was contained by a fair amount of export remittances, dealers said.
Premiums (in paise) closed at: Nov - 24-27; Dec - 48-51; Jan - 76-80; Feb - 106-110; Mar - 138-142; Apr - 171-175; May - 204-208; Jun - 237-241; Jul - 271-275; Aug - 301-305; Sep - 333-338.
In the crosses, the rupee closed at 72.04 against the British pound, 26.25 against the German mark, and 37.07 per 100 Japanese yen.