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|February 23, 1999||
Month-end $ demand weakens rupee; down three paise, Rs 42.44/45
Rupee weakened by three paise against the greenback on month-end dollar demand at a quiet interbank foreign exchange market today.
Opening slightly lower at Rs 42.43/44, the Indian currency came under some pressure on fresh dollar buying by banks and lower supply. The month-end covering in view of the two-day strike by bank staff on Thursday and Friday, pushed down the rupee to Rs 42.4500/4550 level around noon before closing at Rs 42.44/45 against Rs 42.41/42 of the previous day, losing three paise.
Forward premia drifted slightly lower in the absence of paying pressure and some receivings. Monthly premia on an average eased by 2-3 paise. The sixth month annualised and yearly premia ended at 7.23 and 7.68 per cent respectively.
Cash/spot ended at 4.25-4.50 paise premium and cash/tomorrow finished at 0.25-0.50 paise premium. The month-wise premia in paise were: March 21-23, April 50-52, May 72-74, June 100-103, July 126-129, August 151-155, September 179-182, October 208-211, November 237-240, December 267-270, January 296-299 and February 323-327.
Meanwhile, the Reserve Bank of India revised the reference rate for US dollar three paise higher at Rs 42.44 as against Rs 42.40 of the previous day.
In the cross current, the rupee remained nearly steady against pound sterling and euro while it eased marginally against the Japanese yen. Sterling ended at Rs 68.70, euro at Rs 46.50 and yen at Rs 35.00.
In the domestic money market, the call rates opened at 8.85-9.00 per cent, ruled below nine per cent level most part of the day before closing at 8.70-8.90 per cent, as the liquidity position was quiet comfortable.
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