FOREX REPORT
The rupee held steady against the dollar despite dollar purchases by the State Bank of India (SBI), amid good importer cancellations which added to supplies, dealers said. It closed at 42.525-535 compared with 42.51-52 on Monday.
The forward rupee also firmed in dull trade, they added. Premiums closed at: one-month - 12.72 per cent (13.20 per cent on Monday); three-month - 10.92 per cent (11.31 per cent); six-month - 10.55 per cent (10.87 per cent); nine-month - 10.29 per cent (10.99 per cent); 12-month - 10.65 per cent (10.82 per cent). Spot rupee opened at 42.51-53 and traded in a narrow four paise range, dealers said. The SBI bought dollars in three rounds which supported the exchange rate around 42.50 levels in the face of good supplies from importer cancellations, they added. Cash-tom closed at .5/1 paise, tom-spot at .5/1 paise, and cash-spot at 1/2 paise.
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Importer cancellations were seen in the forward market, too, which caused dollar premiums to ease further across maturities, dealers said. Premiums eased by almost eight paise for medium to long-term maturities, they added.
Premiums (in paise) closed at: September - 37-42; October - 76-81; November - 109-114; December - 143-148; January - 180-185; February - 216-221; March - 256-263; April - 296-303; May - 334-344; June - 372-382; July - 410-420; August - 445-455. In the crosses, the rupee closed at 71.30 against the pound, 24.34 against the mark, and 31.99 per 100 yen.