Rupee Declines Marginally, Forwards Slip

FOREX REPORT

The spot rupee depreciated marginally against the dollar on account of purchases from the State Bank of India (SBI) and the Reserve Bank of India (RBI). It closed at 35.835-845.

The forward premiums slipped further in a dull market as exporters continued to receive. The six-month annualised closed at 4.61 per cent. The spot rupee opened at 35.83-84. The market remained quiet till around mid-day when the SBI entered the market. This saw the Indian currency appreciating to 35.86 levels, at which there was some demand.

The RBI was reported to be in the market, but was not noticed trading actively. Once the SBI moved out of the market, the rupee moved upward again to the close levels.

 

The cash-tom was 0/.25 paise, the tom-spot was 0/.5 paise and the cash-spot was 0/.75 paise.

The forward segment continued to witness excess of receiving pressure over paying pressure. The Reserve Bank has so far not entered the market to support the forward dollar.

Monthly premiums in paise were 2-4 for May, 10-13 for June, 23-26 for July, 39-42 for August, 56-59 for September, 72-75 for October and 84-87 for November. One-year premiums were 157-162 paise.

Overseas the rupee closed at 58.20 against the pound, 21.10 against the mark and 30.07 against the yen.