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|October 3, 1997||
Rupee gains slightly, RBI intervenes
The rupee staged a modest rally in a dull and lacklustre trading session, characterised by a good supply of the American greenback but nominal demand, at the interbank foreign exchange market in Bombay on Fridayday.
The rupee opened at Rs 36.17-18, slightly higher than the previous close. It strengthened marginally to Rs 36.16-17,when the Reserve Bank of India entered the market and bought a moderate quantity of dollars. The rupee closed at Rs 36.165-175 at the fag end of the day.
According to dealers, there was nominal demand by banks for client covering and little buying by corporates to meet their payment obligations.
Cash spot ended at Rs 0.75-1 paisa premium. The monthly premiums (in paise) at the close of trading were 9-10 for October, 22-24 for November, 38-40 for December, 56-59 for January, 71-74 for February, 88-91 for March, 107-110 for April and 107-110 for may.
The six- month annualised premia closed at 5.15 per cent. The pound closed at Rs 57.98, yen at Rs 29.58 (per 100 units) and mark at Rs 20.36.
In overseas trading, the pound declined moderately against the dollar and the mark.
Elsewhere, the RBI fixed the reference rate at Rs 36.17 per US dollar.
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