Forwards Up, Rupee Down

The forward premium on the dollar went up by 23-28 basis points across maturities following heavy cancellations of export contracts booked earlier and rebooking of dollar receipts at higher levels on the back of a weakening rupee.

The spot rupee breached the 46 level against the greenback and plunged to an intra-day low of 46.08/09, before recovering to close at 45.98/9850 per dollar, against Wednesday