FOREX REPORT
The rupee remained steady against the dollar showing no movement in the inter-bank forex market yesterday. It closed at 35.845-855 vis-a-vis the American unit. The forward premiums remained more or less quiet across the board, with the six-month annualised premium closing at 7.26 per cent.
Traders across banks described the spot market as dull, with barely routine trading activity being observed. Buying and selling activity was only nominal with limited corporate demand. The State Bank of India was not noticed in the market yesterday. However, the Reserve Bank of India was in the market purchasing the greenback at 35.845. Dealers said that the apex bank entered the market to prevent any undue appreciation of the rupee. The tom-spot was -.25/.50 paise, the cash-tom was -.25/.50 paise and the cash-spot was -.25/.25 paise.
The forward segment of the forex market was also fairly inactive yesterday.
Dealers reported some paying interest in the near-term premiums in the morning. This caused the premiums to rise by three paise. But, later, receiving pressure pushed down the forward dollar. The monthly premiums in paise were level-2 for January, 13-16 for February, 36-39 for March, 61-64 for April, 84-87 for May, 108-111 for June, and 133-136 for July. The one-year forward premiums were at 255-275 paise.
