Rupee Firms Up, Forwards At 4.89 Per Cent

FOREX REPORT

The rupee appreciated against the dollar yesterday as supplies of the greenback outstripped demand in the inter-bank forex market. It closed at 35.785-795.

In the forwards segment, the premiums strengthened slightly though the receiving pressure continued to outstrip paying pressure. The six-month annualised closed at 4.89 per cent. The spot rupee opened at 35.79-80. While dollar inflows were good, outflows were only nominal. The Reserve Bank of India (RBI) and other major players such as the State Bank of India and IDBI were not seen in the market yesterday.

Consequently, during the course of the day, the rupee appreciated marginally to touch the closing levels.

 

The cash-tom was 0/.5 paise, the tom-spot was 0/.5 paise and the cash-spot was 0/1 paise.

In the forwards segment, receiving pressure has showed signs of easing. As a result, premiums have been moving upwards slowly. The RBI was not noticed in the forward segment also.

Monthly premiums in paise were 1-3 for May, 9-12 for June, 23-26 for July, 38-41 for August, 55-58 for September, 72-75 for October and 84-87 for November. One-year premiums were 165-175 paise.

Overseas, the yen appreciated sharply against the dollar. The rupee closed at 58.82 against the pound, 21.10 against the mark and 31.49 per 100 yen.