FOREX REPORT
A jittery rupee slumped to a historic low of 43.65 due to the possible impact of the rouble devaluation and continued political uncertainty. It closed at 43.47-53 against Tuesday's close of 43.32-36.
The forward rupee was fairly ranged with the near term dipping slightly on dollar demand. Premiums closed at : 1-month - 9.83 percent (9.28 on Tuesday); 3-month - 9.23 percent (9.23); 6-month - 9.08 percent (9.11); 9-month - 9.50 percent (9.52); 12-month - 9.49 percent (9.55).
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Spot rupee opened at 43.38-41 and weakened steadily on SBI buying. A statement from the RBI governor, Bimal Jalan, on Reuters at noon, saying the central bank was monitoring the market and would take necessary action, could do little .
The weakening trend was reversed only when the SBI sold dollars towards the day's close. Cash-tom closed at .25/.5 paise, tom-spot at .5/.75 paise, and cash-spot at 0.75/1.25 paise. The RBI mid-day reference rate was 43.42 against 43.26 on Tuesday
Forward dollar premiums were fairly ranged in dull trade, though buying interest was seen in early maturities.
Premiums (in paise) closed at: Aug - 10-13; Sep - 45-49; Oct - 76-81; Nov - 108-114; Dec - 144-149; Jan - 175-180; Feb - 206-211; Mar - 244-249; Apr - 281-287; May - 315-322; Jun - 352-359; Jul - 386-393.
In the crosses, the rupee closed at 70.43 against the British pound, 24.13 against the German mark, and 30.20 per 100 Japanese yen.