FOREX REPORT
The rupee closed at 36.37-38 against the dollar in the inter-bank forex market yesterday supported mainly by the Reserve Bank of India (RBI) intervention. The apex bank is said to have bought dollars forward for November. Premiums remained still as corporates came in to cover for the month-end. The six-month premium closed at 7.31 per cent and the one-year at 6.76 per cent.
Spot rupee opened at 36.32-34. Initially, trading was dull. However, as the rupee started slipping down in the afternoon, on account of month-end corporate demand, the central bank intervened to support the rupee. The Indian currency witnessed an intra-day low of 36.375-385. However, most trades were done between 36.34-36.37.
The cash segment of the market saw increased activity on account of yesterday being the last day of the month (given that banks are on strike today and tomorrow). The cash-tom and cash-spot both closed at 3-4.5 paise each.
In the forward segment, RBI purchases for November pushed down the premiums. However they recovered following hectic corporate buying. Monthly premiums in paise closed at 20-22 for September, 44-46 for October, 64-67 for November, 89-92 for December, 110-113 for January, 130-133 for February, 147-150 for March, 167-170 for April, 183-188 for May, 201-206 for June, 221-226 for July, and 240-246 for August.
In the crosses, the rupee remained steady closing at 58.40 against the pound, 20.10 against the mark, and 30.58 per 100 yen.
