The spot rupee closed marginally weaker in the 48.025/035 range today against yesterday's closing of 48.02 on the wake of importers' demand. Forward premiums eased a bit tracking soft call rates which remained in the 6.75-9 nine per cent band.
The spot rupee opened in the 48.04/5 range and strengthened to touch an intra-day high of 48.01/02. The currency, however, weakened later to close around 48.01/48.02.
A dealer with a private bank said, "Trading was not dull but range-bound in the forex market. The rupee strengthened in the morning as there was no demand from importers. In the afternoon, as there was some pressure from importers, the currency weakened marginally."
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Dealers said that today public sector banks were the main buyers, while foreign and private sector banks were main suppliers of dollars.
Forward premiums softened following low call rates. The six-month premium closed at 6.14 per cent against yesterday's closing of 6.16 per cent, while the one-year premium ended at 5.82 per cent against yesterday's closing of 5.85 per cent.
A dealer said: "The spot rupee continued to be steady against the dollar and the overnight rates softened. These caused the premiums to come down as well."
The rupee is likely to remain stable and will be dealt in the range of 47.95-48.05 next week amidst low trading volume. A dealer with a private sector bank, "There is no supply-demand pressure and the situation is likely to continue. In a situation like this, the rupee should be around the 48-mark."
Forward premiums are likely go down more tomorrow as call rates may remain soft next week. Dealers are expecting the six-month premium to be dealt in the 6.05-6.15 per cent range during the week, while the one-year premium may be traded in the 5.70-5.83 per cent band.