FOREX REPORT
The rupee closed against the dollar at 39.48-50 against Tuesday's close of 39.44-47. On Monday, the rupee had closed at 39.48-53.
One month premiums closed at 10.03 per cent yesterday (as against 11.84 per cent on Tuesday), three month at 11.84 per cent (13.90 per cent), six month at 12.33 per cent (13.91 per cent), and one year at 11.81 per cent (12.93 per cent).
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The rupee opened at 39.46-48 against the dollar, and there were sellers at this level. The rupee then appreciated to 39.34-37.
At this point, State Bank of India entered the market as a buyer, and this pushed the rupee down. The SBI has been primarily responsible for the movement in the rupee in the last three days. The pattern has been that State Bank of India is buying at lower levels and selling at higher levels.
The Reserve Bank of India's reference rate was 39.39 as against 39.56 on Tuesday.
Yesterday, the cash tom was 0.25-0.50 paise, cash spot was 0.25-1 paise and tom spot was 0.25-0.50 paise. Monthly premiums (in paise) closed at: 23-26 for March, 66-71 for April, 106-111 for May, 148-153 for June, 191-196 for July, 231-236 for August, 269-274 for September, 308-313 for October, 344-349 for November, 382-387 for December, 418-423 for January 1999 and 455-465 for February 1999.
In the crosses, rupee closed at 65.09 against the British pound, 21.75 against the German mark and 31.32 per 100 Japanese yen.