FOREX REPORT
The rupee wiped out early losses against the dollar following sales by the State Bank of India (SBI) and other banks, dealers said. It closed at 42.51-52 against 42.515-525 on Wednesday.
The forward rupee also firmed slightly, they added. Dollar premiums closed at: one-month - 9.03 per cent (10.55 per cent on Wednesday); three-month - 9.08 per cent (9.91 per cent); six-month - 9.50 per cent (10.03 per cent); nine-month - 10.07 per cent (10.36 per cent); 12-month - 9.95 per cent (10.35 per cent). Spot rupee opened at 42.52-55 and weakened to 42.56 in morning trade on corporate demand and inter-bank buying.
But, at noon, SBI sold dollars, estimated at $5-10 million, which saw the rupee stage a recovery. Late evening sales further added to its strengthening. Cash-tom closed at .25/1 paise, tom-spot at 2/3.5 paise, and cash-spot at 2.25/4.5 paise.
The forward dollar premiums eased further in quiet trade. Premiums came off by around three to six paise in intra-day trade, dealers said.
"There was hardly any demand for dollars in either the spot or forward dollars," a private bank dealer said.
Premiums (in paise) closed at: September - 22-26; October - 56-61; November - 86-90; December - 117-122; January - 151-156; February - 187-192; March - 227-232; April - 268-273; May - 307-312; June - 340-345; July - 378-383; August - 415-421. In the crosses, the rupee closed at 71.49 against the pound, 24.62 against the mark, and 31.41 per 100 yen.
