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|February 18, 1999||
Rupee rise continues; Rs 42.43/44 vs $
The rupee continued its rally against the greenback and strengthened by about two paise at a fairly active interbank foreign exchange market today.
Opening nearly steady at Rs 42.45/46, the rupee eased slightly to Rs 42.46/47 in the morning on some corporate covering and lower supply.
But reports of the US decision not to oppose the $ 210 million World Bank loan to Andhra Pradesh encouraged market sentiment, resulting in fresh off-loading of the US currency by banks and the rupee started firming.
It moved upto Rs 42.42/43 level in the afternoon before closing at Rs 42.4350/4450 as against Rs 42.45/46 of the previous day, gaining about two paise.
Forward premia eased a bit in the absence of paying pressure and scattered receivings. Near forwards moved down by two-three paise while far forwards declined by three-four paise. The six-month annualised and yearly premia ended a bit lower at 7.02 per cent and 7.59 per cent respectively.
Cash/spot ended higher at 2.00-2.25 paise premium while cash/tomorrow finished at 0.50-0.75 paise premium. The month-wise premia in paise were: February 1-3, March 25-27, April 52-54, May 75-77, June 102-105, July 128-131, August 155-159, September 182-186, October 211-215, November 242-245, December 271-275 and January 299-304.
Meanwhile, the Reserve Bank of India fixed its reference rate for US dollar at Rs 42.45 against the previous Rs 42.49.
The rupee remained almost steady against pound sterling and euro while it strengthened against the Japanese yen. It ended at Rs 35.47 against yen, Rs 47.74 against euro and Rs 69.40 a pound.
In the domestic money market, the call rates ruled in a narrow range between 8.75-9.00 per cent and closed steady at 8.80-8.90 per cent.
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