FOREX REPORT
The rupee held in a tight range against the dollar yesterday in dull trade, foreign exchange dealers said. It closed at 42.49-50, unchanged from Monday's close.
The forward rupee weakened slightly on month-end corporate paying (buying of swaps), they added.
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Dollar premiums closed at 6.33 per cent for one month (6.17 on Monday); 3-month at 7.01 per cent (7.05); 6-month - 7.83 per cent (7.76); 9-month - 8.39 per cent (8.24) and 12-month - 8.61 per cent (8.46).
Spot rupee opened at 42.495-50, and dipped slightly to 42.51-52 in the morning session on demand from State Bank of India (SBI).
The SBI's purchases, however, were nominal at $10 to $15 million, dealers said. Later, banks offloaded long positions which caused the rupee to appreciate to the close level, they said.
Cash-tom was 0/.5 paise, tom-spot was .25/.5 paise and cash spot was .25/1 paise.
There was a slight pick up in forward dollar demand because of month end corporate roll overs, dealers said.
Dollar premiums firmed a few paise for most maturities, they added.
Premiums (in paise) closed at: Sep - 2-3; Oct - 26-28; Nov - 49-52; Dec - 79-82; Jan - 107-110; Feb - 137-140; Mar - 170-173; Apr - 204-207; May - 237-240; Jun - 271-276; Jul - 304-309; Aug - 334-342.
In the crosses, the rupee closed at 71.30 against the British pound, 25.12 against the German mark and 31.29 per 100 Japanese yen.