FOREX REPORT
The rupee, yesterday, initially gained against the dollar in the inter-bank forex market. It, however, slipped to close at 35.755-765 following the Reserve Bank of India intervention.
Forward premiums remained soft with the six-month annualised closing at 4.59 per cent.
The spot rupee opened at 35.77-78. However, good supplies from exporters and non-resident Indian accounts led to a climb in the rupee to the 35.74 range. According to market sources the apex bank then intervened purchasing over $50 million. This saw the rupee lose some ground and it descended towards the close levels. The RBI's reference rate for the dollar was Rs 35.77.
The cash-tom and tom-spot were -.25/.25 paise, and the cash-spot was -.5/.5 paise.
In the forward segment, good receiving pressure saw premiums ease. While the premiums did strengthen during the day on account of profit-taking by banks, increased receiving pressure on account of arbitrage activities ensured that premiums softened towards close.
Monthly premiums in paise were 0-2 for April, 6-9 for May, 17-20 for June, 34-37 for July, 53-56 for August, 68-71 for September, and 84-87 for October. One year premiums were 155-165 paise.
Overseas the dollar strengthened against the mark and the yen. However, it weakened against the pound.
