COMMENTARY
INTERVIEWS
SPECIALS
CHAT
ARCHIVES

Rupee steady

The Indian rupee closed at Rs 38.74-77 against the American greenback in a quiet and dull trading. The market opened at Rs 38.68-72, and due to the slack demand from corporate sectors and banks, it hovered in the same range for some time.

During the midtrading session, nominal export cancellations were made which improved the market sentiment and weakened the rupee to Rs 38.75-76 as compared to opening level. Most of the transactions were quoted in the range of Rs 38.70-74, leading dealers said.

At the end of trading, the State Bank of India bought a marginal amount of dollars on behalf of its clients.

The central bank, the Reserve Bank of India, was not seen in the spot dollar but it reportedly intervened in the forward dollar, particularly in February and March, dealers added.

The RBI fixed the reference rate for US dollar at Rs 38.73 as against Rs 38.75 on the last working day.

The reference rate for the US dollar and middle rates of the cross currencies was pound sterling quoted at $1.5729, mark at $4.6729 and yen at $322.06.

Only a nominal amount of export and import booking was observed on cash to spot basis in merchant booking.

The forward premiums came down moderately. The monthly forwards premium, in paise, were 18-19 for February, 76-79 for March, 135-138 for April, 175-180 for May, 227-230 for June, 270-280 for July, 310-320 for August, 350-360 for September.

The six-month annualised premia was quoted at 15.25 per cent.

UNI