Rupee Closes A Fraction Higher

FOREX REPORT

The rupee ruled in the 42.54-56 range against the dollar and closed at 42.54-55 against the previous day's close of 42.55-56. Traders said the rupee was steady during the day and moved in the broad range of 42-53 and 42.57.

Forward dollar premiums for six months were steady but there was some movement in those for one to three months.

Premiums closed at: 1-month - 4.71 per cent (5.08 per cent on Tuesday); 3-month - 6.08 per cent (5.99 per cent) 6-month - 7.45 per cent (7.45 per cent) 9-month - 8.04 per cent (8.10 per cent); 12-month - 8.33 per cent (8.41 per cent).

 

"It was an easy day with not much of demand for dollar in the market," said a dealer. "Besides, the sentiment in the market have improved since the rupee is steady against dollar for the last couple of days," they added.

Spot rupee opened at 42.55-57, touched a high of 42.56/57 and held at that level for some time. With supply coming in, the rupee strengthen at 42.53-55 and closed at 42.54-55.

Cash-tom was quoted at 1.00/1.25 paise, tom-spot at 1.25/1.75 paise and cash-spot at .25/50 paise.

In the crosses, the rupee closed at 70.86 (70.47 on Tuesday) against the pound, 25.42 (25.38) against the mark, and 35.92 (35.17) per 100 yen.

Dollar against 100 yen was 118.20 and dollar against mark was 1.6710.