FOREX REPORT
The rupee recovered against the dollar to close at 36. 22-23 after slipping to an intra-day low of 36.26-27 following purchases by the State Bank of India (SBI) in the morning. Forward premiums remained steady - the six month annualised closed at 5.34 per cent and the one year at 5.52 per cent.
Spot rupee opened at 36.245-255, which was more or less close to Tuesday's close. In the morning, the SBI entered the market and bought the greenback pushing up it price by about three paise. After SBI left the market, the rupee recovered following dollar selling by banks. Cash-tom and tom-spot closed at 0/.25 paise, and cash-spot at -.5/.5 paise.
Forward premiums remained very steady as the forward market did not witness much action. Dealers say corporates are waiting for the announcement of the credit policy before taking any decision on covering forex exposures. Monthly premiums in paise closed at 3-6 for Oct, 14-17 for Nov, 29-32 for Dec, 48-51 for Jan, 64-67 for Feb, 82-85 for March, 100-103 for April, 117-120 for May, 134-137 for June, 152-155 for July, 168-171 for Aug, 185-188 for Sept, and 210-205 for Oct.
In the crosses, rupee remained fairly steady against world majors, closing at 58.62 against the pound, 20.67 against the mark, and 29.84 per 100 yen.
