The spot rupee closed at a new low of 48.9050/9100 today in a rangebound market. Forward premiums continued to ease as the spot market has remained ranged in the last couple of days.The rupee opened at 48.88/89 and slipped to 48.92/93 levels by early afternoon. Dealers said corporate demand pushed the rupee down a bit. It, however, came back to close higher due to supply of dollars on account of remittances from abroad. The local currency had cosed yesterday at 48.8750/8850.Said a dealer with a private sector bank: "The market was stable today. Moreover, there was a rumour that the settlement date for spot deals in the Indian rupee on Friday may be shifted forward to Wednesday from Tuesday due to a bank strike on April 16. This was basically the reason why the rupee was marginally weaker today."Meanwhile, the Reserve Bank of India (RBI) fixed the reference rate for the dollar slightly lower at Rs 48.91 per dollar from Rs 48.90 yesterday. The reference rate for the euro was fixed higher at Rs 43.03 per euro from Rs 43.10.In cross currency trades, the rupee finished marginally up against the euro and the British sterling. The domestic unit opened better against the single european currency at Rs 43.00/43.02 per euro and remained trapped in a tight range between 43.00 and 43.03. It finished at Rs 43.01/03 from yesterday's close of Rs 43.04/06.The rupee also finished fractionally up against sterling at Rs 70.14/16 per pound from its overnight close of Rs 70.22/24 after moving in a narrow range of 70.14 and 70.21. The six-month annualised forward premium fell from 6.12 per cent to 5.95 per cent on the back of a stable rupee.Said a dealer with a foreign bank: "Interest rates in the US are heading northwards, while, in the domestic market, they are likely to remain stable for the time being. Hence, the interest rate differential in the Indian and US markets is likely to come down. But the falling rupee in the last week had prevented it. However, as the currency has been remaining stable over the last couple of days, premium rates have come down."The spot rupee is likely to hover in the 48.85 to 48.92 band against the dollar tomorrow. Dealers feel if the currency tries to breach the band, the RBI will intervene and sell or buy dollars accordingly. Forward premiums are likely to remain stable with a downward bias on the back of a rangebound rupee. Dealers are expecting the six-month annualised premium to remain in a range between 5.88 per cent and 5.95 per cent.
