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February 20, 1998
COMMENTARY
INTERVIEWS
SPECIALS
CHAT
ARCHIVES
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Rupee loses another
5 paise
The Indian currency weakened further by
five paise against the US dollar in an active interbank
foreign exchange market in Bombay today.
The market opened nearly steady at Rs 38.88-90 per dollar and
hovered at the same level for quiet some time. Later, major market player State Bank of India bought a
considerable amount of dollars, which weakened rupee to
Rs 38.93.
However, sellers entered in the system and started booking profits, which saw the rupee recover marginally to Rs 38.89, leading forex
dealers said.
The SBI came in again and purchasing a good amount of
dollars, which saw the the dollar drift to a high of Rs 38.96, before
closing at Rs 38.93-94, the dealers added.
Another dealer said that at the Rs 38.90 level, bankers started
purchasing directly from the SBI.
The Reserve Bank of India fixed the
reference rate for the US dollar at Rs 38.19 as against Rs 38.87
of last working day.
The near forward premium went up by 10 paise and forwards rose by 15 paise on heavy paying pressure from the bankers, dealers said, adding that a lot of import covering was also witnessed in the merchant section.
The cash to spot dollar was quoted at 0.25-0.75 paisa premium.
The six-month annualised premiums, in paise, were quoted at
1-2 for February, 53-58 for March, 119-124 for April,
172-177 for May, 220-222 for June, 272-277 for July, 314-319 for
August and 355-360 for September. The six-month annualised premia was quoted at 15.08 per cent.
Trading in the world's major currencies saw the pound sterling at
Rs 63.73, Deutsche mark at Rs 21.43, and the Japanese yen at Rs 30.07 per 100 yen in the cross currency section.
UNI
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