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Rupee still on upswing

The Indian currency rose further against the greenback on sufficient supply of funds and profit making by banks and financial institutions, including the State Bank of India in interbank foreign exchange market in Bombay today.

The market opened at Rs 39.15-17 per US dollar, due to moderate demand for dollar from the corporate sectors during the mid-session it went up to Rs 39.17-19. Later, sellers entered the market which drifted the the dollar to Rs 39.11-12 at close, leading dealer said.

The market was quiet and dull, they said, adding that only few deals were dealt within cross currency market.

The importers were booking in short period, whereas exporters were booking for long term. The central bank has intervened in forward premium -- February and March -- which drifted premium lower by 10 paise, dealers added.

The SBI sold a marginal amount of dollar at Rs 39.16-17. Most the transaction took place in the range of Rs 39.14-16, forex managers said.

Meanwhile, the Reserve Bank of India's reference rates for the dollar remained unchanged at Rs 39.17.

Moderate amount of import booking was conducted in cash to spot segment while marginal amount of export booking was done in forward and far-forward segments in merchant section.

In swaps section, the cash to spot dollar was traded at 2-2.5 paise premium, spot/Dec dollar traded at 1-4 paise premium spot/Jan quoted at 34-39 paise premium and six-month (July) was traded between 207 and 212 paise premium.

UNI