FOREX REPORT
The rupee recovered lost ground to close at 35.88-89 against the dollar in the inter-bank forex market yesterday. Forward premiums eased slightly and the six-month annualised closed at 7.25 per cent.
Trading in the forex market was lacklustre with the RBI intervening moderately.
The rupee opened at 35.88-89 and remained steady till afternoon when the apex bank started purchasing the greenback at 35.89. This saw the Indian currency touch 35.90.
Several foreign banks also bought dollars, presumably to cover short positions. This activity ceased after a while and the rupee appreciated to the closing levels.
The cash-tom was 0/0, and the tom-spot and cash-spot were -.5/.5 each.
The apex bank intervened in the forward segment also after the premiums dropped by one to two paise.
It paid aggressively for June and August.
Dealers also reported that the IDBI was receiving for March.
Monthly premiums in paise were 0-3 for March, 21-24 for April, 44-47 for May, 65-68 for June, 85-88 for July, 106-109 for August, 126-129 for September. One-year premiums were at 238-248 paise.
The rupee remained steady against major world currencies. It closed at 57.98 against the pound, 21.28 against the mark, and 29.10 per 100 yen.
