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|October 07, 1997||
Rupee goes down by 1 paisa after RBI moves in
The Indian rupee on Monday depreciated by one paisa against the US greenback on the Reserve Bank of India's intervention at the interbank foreign exchange market.
The rupee opened at Rs 36.165-175 per dollar, and remained stagnant at the opening level till afternoon. However, late in the afternoon, the central bank entered the market and sold dollars, resulting in the drop of value of Indian currency by one paisa over the opening level which was Friday's closing level too.
There was not much demand for the US greenback from the State Bank of India as well as the other commercial banks and hence range-bound trading was witnessed in the market, said a forex dealer at a private commercial bank.
In absence of importers in the market, the forward dollar premia came down gradually on Monday, he said.
The annualised forward dollar premium came down to 5 per cent against Friday's level of 5.1 per cent.
The Reserve Bank of India fixed its reference rate at Rs 36.17 per dollar, unchanged from Friday's rate.
Cash to spot business was done between 0.25-0.5 paisa premium.
The monthly forward dollar premia in paise were 6-7.5 for October, 18-20 for November, 34-36 for December, 51-54 for January, 66-68 for February, 84-87 for March, 102-105 for April and 119-122 for May.
There was 50 paise movement in the rupee-pound trade and the rupee closed at Rs 58.50 per pound against Friday's close of Rs 58.05 per pound.
The rupee remained more or less steady against the Deutsche mark and Japanese yen.
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