FOREX REPORT
The forex market turned nervous after Pakistan's decision to go nuclear. The quotes were wide in the kerb market with sellers upwards of 41.80 and buyers at 41.50, a level at which the market is expected to open today. Everybody's eyes would be riveted on Reserve Bank of India to curb volatilty.
The rupee slipped further yesterday, closing at 41.35-40 as against yesterday's close of 41.30-32 against the dollar. On Tuesday, the rupee had traded at a record low of 41.51 against the dollar.
More From This Section
Yesterday, the rupee opened at 41.30-40. There was some selling in the morning, and State Bank of India is understood to have bought dollars. The RBI's reference rate was 41.29 as against 41.30 on Wednesday.
For the second consecutive day, RBI did not intervene but only enquired with the banks on the positions at the end of the day.
Premiums eased with one month closing at 7.91 per cent (9.73 on Wednesday), three month at 8.36 per cent (9.05), six month at 8.68 per cent (9.32) and one year at 8.79 per cent (9.03). Yesterday, cash tom was 0.25-0.50 paise, cash spot was 1-1.75 paise and tom spot was 0.75-1.25 paise.
Monthly premiums (in paise) closed at : 23-28 for June, 56-58 for July, 83-88 for Aug, 113-118 for Sep, 147-150 for Oct, 176-181 for Nov, 208-213 for Dec, 239-244 for Jan, 1999, 269-274 for Feb, 299-304 for Mar, 329-334 for Apr and 360-365 for May.