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| June 4, 1998 |
Rupee holds steadyThe Indian currency ruled steady throughout the day at Rs 41.78/80 against the US greenback in an absolutely dull and cautious interbank foreign exchange (forex) market today. The rupee opened stable at Rs 41.78/80 per US dollar and hovered at the same levels till the fag end.According to leading forex dealers, the market is reported very cautious and have adopted a wait-and-watch attitude hoping that the rupee might recover from the present all time low levels which has resulted in a dull and dead trading. The forward premiums were quoted slightly lower by about 3 to 5 paise for six months and above over yesterday's closing levels due to the absence fresh import bookings, a dealer said. The six-month annualised premium was quoted at 8.84 per cent and the one year premium was at 9.06 per cent. The cash spot was quoted at 0.75 to 1.00 paise while the cash tom was at 0.75 paise premium. The monthly premiums (in paise) were June 13-17, July 41-46, August 72-79, September 107-112, October 141-146, November 172-177, December 208-212, January 240-245, February 275-280, March 309-314, April 340-345 and May 368-373 paise premium respectively. The Reserve Bank of India maintained the reference rate at Rs 41.80 per US dollar for the third consecutive day today. UNI |
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