COMMENTARY
INTERVIEW
SPECIALS
CHAT
ARCHIVES

Rupee loses marginally

In a dull trading at the interbank foreign exchange market on Monday, the Indian rupee slid one paise down due to some last-minute dollar-buying by the State Bank of India.

The rupee opened at the Rs 36.20/21 level and remained steady despite dead demand. But later in the evening as the SBI entered the market, some activity was witnessed. It pushed the rupee lower by one paise to Rs 36.22/23.

According to leading forex dealers, the rupee would have maintained its higher position if the SBI had not showed a late dollar buying interest.

Meanwhile, the forwards, after an initial upward trend by four paise over the previous close, were corrected as most of the major players kept themselves away in wake of the Reserve Bank of India's expected announcement of credit policy on Tuesday.

The cash to spot dollar was traded between 0.50 to 0.75 paise premium for the day.

The six-month premia were 4.25-4.75 paise for October, 16.5-17.5 for November, 33.5-34.5 for December, 52-54 for January, 67.5-69.5 for February, 86-88 for March and 102-107 paise for April.

The overseas market also witnessed a very quiet and dull trading.

Meanwhile, the RBI fixed the reference rate at Rs 36.21 per dollar over the previous Rs 36.20.

UNI