Rupee May Face Downward Bias; Calm Forwards Likely

The spot rupee is likely to rule around 48.95-49.10 during the week with a downward tilt. Forex dealers said the Reserve Bank of India (RBI) is expected to help the market by supplying dollars from its reserves. Forward premium, however, is likely to remain stable owing to easy liquidity. The expected range for the six-month annualised premium during the week is 6 per cent to 6.50 per cent.

A dealer with a foreign bank said: