Rupee Moves Up Marginally Against Dollar

FOREX REPORT

The rupee appreciated moderately against the dollar despite the Reserve Bank intervention during the day in the interbank forex market. The spot rupee closed 35.79-80.

The Reserve Bank entered the forward segment also to support the greenback. However, good receiving pressure ensured that the premiums did not strengthen too much. The six-month annualised forward premium closed at 4.79 per cent. The spot rupee opened at 35.80-81 and moved up to 35.79-80 till the central bank entered the market at 12:00 am to purchase the American unit. Following the RBI intervention, the rupee weakened to 35.815.

However, the apex purchases purchases were moderate and as soon as it pulled out of the market, the rupee appreciated once again to the closing levels.

 

The cash-tom and tom-spot closed at .25/.5 paise, and the cash-spot closed at .25/0.5 paise.

In the forward segment also, the Reserve Bank was seen purchasing the forward dollar outright for May and June. Premiums hardened to 4.79 per cent from the previous days levels of 4.7 per cent.

Monthly premiums in paise were 2-4 for May, 11-14 for June, 24-27 for July, 40-43 for August, 55-58 for September, 71-74 for October, and 84-87 for November. One year premiums were 163-173 paise. The rupee closed at 58.63 against the pound, 21.02 against the mark, and 30.77 per 100 yen.