Sbi, Bob Buying Pushes Re Down

FOREX REPORT

The rupee fluctuated against the dollar in a see-saw fashion in the inter-bank forex market yesterday. The news of SBI and Bank of Baroda (BoB)being among the buyers sent the rupee on a downward trend. The year dollar was available at 4.28 per cent and the six-month was at 4.24 per cent .

The spot rupee opened at 35.83-84 and appreciated on early offerings by players but later on, news of intervention by the SBI and Bank of Baroda the prices went up and closed at yesterdays levels. SBI engaged in passive buying of dollars during the latter half of the day. However dealers said most of the deals took place at 35.81 levels .

 

The cash-tom and tom-spot closed at 0/.5 paise, and the cash-spot closed at .25/1.25 paise. Monthly premiums in paise were 1- 3 for June, 10-13 for July, 21-24 for August, 36-39 for September, 52-55 for October, 66-69 for November, 81-84 for December, 95 - 98 for January , 110-115 for February , 125- 130 for March , 142 -147 for April , 157-162 for May

Overseas, the yen stayed steady after indications of possible action against excessive speculation and that excessive movement would be dealt with severely. The yen traded at 114.47 aginst the greenback . The mark remained quite steady and was at 1.731 . Pound sterling was quoted at 1.6359 against the dollar .In the local markets the pound , mark and the yen were at Rs 58.57 , Rs 20.75 and Rs 31.40

( per 100 yen)