COMMENTARY
INTERVIEWS
SPECIALS
CHAT
ARCHIVES

Rupee fluctuates, ends steady

The currency opened lower at Rs 38.73-78 against its overnight finish of Rs 38.72-75 per US unit and firmed up to Rs 38.65 level immediately after one hour trade in the morning. However, with the dollar buying interest from corporates, the rupee lost its earlier gains and came down to Rs 38.70 level after mid-session.

The rupee once again, touched the day's higher level of Rs 38.60-65 before the afternoon trade but could not sustain higher ground and finally closed at Rs 38.70-72 per dollar, dealers said.

Otherwise, the market witnessed volatile trading in the cash-spot deals. Cash-spot business was done between 27-29 paise premium and deals also reported at 30 paise premium, dealers said.

Dealers attributed the higher spot premium to the continuous holidays ahead including a weekly holiday and the Republic Day holiday. This was only because of five days cash-spot deals. Higher call money rates also affected the cash-spot deals as well as the forwards premia, dealers opined.

Monthly forward premium of January closed higher at 28-29 paise from 10-12 paise, February at 130-135 from 130-140, March quoted at 195-205 from 210-220 paise, April at 250-265 from 260-270, May at 293-300 from 275-290, June dollar premia closed at 325-345 from 345-355, and July at 375-385 from 360-370 paise premium.

Meanwhile, the Reserve Bank of India fixed the reference rate at Rs 38.62 per dollar as against yesterday's fix of Rs 38.88.

Half-yearly forward premia in percentage increased to 19.40 per cent from yesterday's level of 18.97 per cent. One year forward premia closed at 15.44 per cent.

The Indian unit opened at Rs 63.90 per pound against the previous close of 63.47/50 and closed further lower at Rs 63.97-99. The rupee was traded between Rs 21.50 and 21.57-59 against the mark while it was quoted in the range of Rs 30.48 and 30.67-69 against the yen, dealers said.

UNI