FOREX REPORT
The rupee slipped to an intra-day low of 36.42 against the dollar following purchases by the State Bank of India and inter-bank speculation. However, it recovered to close at 36.365-37 after SBI left the market. Forward premiums remained firm -- six-month closed at 6.32 per cent and twelve month at 6.41 per cent.
Spot rupee opened at 36.31-32 and slipped to 36.42 within an hour on SBI buying. Other banks also bought dollars, partly to cover short positions, and partly to sell to the SBI. RBI's reference rate for the dollar was 36.4. Cash-tom was 0/.25 paise, tom-spot was 0/.25 paise, and cash-spot was 0/1 paise.
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Forward premiums eased slightly as the market was relatively inactive. Besides, some dealers say that SBI was receiving for the medium term.
Monthly premiums (in paise) for the year ahead closed at 12-13 for November, 29-32 for December, 47-52 for January, 67-72 for February, 88-93 for March, 111-114 for April, 129-132 for May, 150-153 for June, 169-174 for July, 188-193 for August, 208-211 for September, and 227-232 for October.
In the crosses, rupee continued to remain weaker against major world currencies even though dollar recovered partially. The rupee closed at 60.81 against the pound, 21.10 against the mark, and 30.24 per 100 yen.