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|February 19, 1999||
Rupee gains marginally; Rs 42.42/43 vs $
The rupee ended marginally higher by about two paise against the greenback on good dollar supply and lower demand at a fairly active interbank foreign exchange market today.
Opening a bit lower at Rs 42.44/45, which itself was the low of the day, the rupee started moving up as the news of the strike by bank staff on February 25 and 26 resulted in good dollar sales by banks.
The Indian unit rose upto Rs 42.4150/4250 level, before closing at Rs 42.42/43 against Rs 42.4350/4450 of the previous day, gaining about two paise.
Forwards market witnessed hectic activity with active import covering. Premia rose marginally on paying pressure. Premia on an average firmed up by 3-4 paise. The six-month annualised and yearly premia ended higher at 7.28 per cent and 7.77 per cent respectively against the previous fix of 7.11 per cent and 7.59 per cent.
Meanwhile, the Reserve Bank of India revised the reference rate for US dollar one paise lower at Rs 42.44 against the previous fix of Rs 42.45.
Cash/spot ended at 2.00-2.25 paise premium while cash/tomorrow finished at 1.50-1.75 paise premium. The month-wise premia in paise were: February 0.50-1.00, March 26-28, April 55-59, May 79-81, June 106-109, July 131-134, August 159-162, September 187-190, October 216-219, November 245-248, December 275-278 and January 304-307.
The rupee strengthened slightly against pound sterling, euro and Japanese yen. It ended at Rs 69.27 (Rs 69.40) against the pound, at Rs 47.42 (Rs 47.74) against the euro and at Rs 35.41 (Rs 35.47) a yen.
In the domestic money market, the call rates opened steady at 8.80-8.90 per cent, ruled slightly higher between 8.80- 9.20 per cent level on good demand for funds and closed at 9.00-9.10 per cent.
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