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| December 28, 1998 |
Poor $ demand helps rupee to recover; up two paise, Rs 42.51/53
The rupee recovered against the US dollar on poor demand from banks coupled with selling of greenback by some exporters and corporates at the interbank foreign exchange market today.
The Indian unit opened unchanged at Rs 42.53/54 and showed signs of firming during the trading. Demand remained nominal, as trading volumes were low since transactions are brisk during this time of the year, said a dealer. The rupee eventually ended at Rs 42.51/52, showing a net gain of two paise. The forwards premia (in paise) ended at 18-20 for January, 38-40 for February, 65-67 for March, 96-99 for April, 125-128 for May, 155-158 for June and 185-189 for July. Cash/spot ended at 1.25-1.50 paise, while tomorrow/spot and cash/tomorrow closed at 0.50-0.75 paise. The US dollar was trading at 116.28 a yen in late Tokyo trading, up 0.10 yen from late Friday. Back home, the Reserve Bank of India fixed the reference rate at Rs 42.52 per US dollar from the previous fix of Rs 42.54. The rupee ended at 71.15 against pound sterling, 36.58 a yen and 25.30 a deutsche mark. UNI
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