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| March 26, 1998 |
Rupee moves in a narrow rangeThe Indian rupee continued to move in a narrow band against the American greenback while forward dollar premia witnessed some activity in an otherwise quiet and dull trading at the interbank foreign exchange market today.The rupee opened at Rs 39.515-525 per US unit and settled down at Rs 39.505-515 in absence of corporate demand. Most of the business was done at Rs 39.505-515 and the currency closed at the same level at the fag end of trading, forex dealers said. Dealers said that barring the State Bank of India, no one seen active in the market in view of approaching financial year end. In view of four day deals, cash-spot business was done at higher level of 1.5-2 paise premium. The six-months annualised forward premia closed at 6.76 per cent while the 1-year premia closed at 8.09 per cent. Dealers said that the forward premia opened higher following some paying pressure in the morning however, closed more-or-less steady against the previous levels. UNI |
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