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RBI intervention hold rupee down

The rupee showed signs of appreciation against the American greenback on Wednesday, but intervention from the Reserve Bank of India in the post midsession period settled the Indian currency at the opening levels at the fag end of trading.

The spot rupee opened at Rs 36.18-19 and strengthened to Rs 36.15-16 during the midsession on account of sufficient supply of the dollar and dull demand. The RBI intervened at 1245 hours IST and bought moderate quantity in the spot section. The rupee closed at the opening levels at the end of trading.

Forex dealers said that the State Bank of India was buying dollars in the later part of the day.

Cash spot ended at 2.5-3 paise premium. The monthly forward premiums (in paise) closed at 12-13 for October, 25-27 for November, 40-43 for December, 61-63 for January, 74-76 for February, 92-94 for March, 108-111 for April and 125-127 for May.

The six-month annualised premia closed at 5.30 per cent.

The overseas markets were dull and lacklustre with little movement reported. The pound closed at Rs 58.41, yen at Rs 29.93 per 100, and Deutsche mark at Rs 20.53.

Elsewhere, the RBI fixed the reference rate at Rs 36.17 per dollar.

UNI