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|October 16, 1997||
Rupee up by one paisa
The Indian rupee recovered further by one paisa against the US greenback in spite of the State Bank of India's active interest in dollar buying in an otherwise dull and quite interbank foreign exchange market on Thursday.
The rupee opened steady at Rs 36.22-23 per dollar, dipped lower to Rs 36.23-235 levels following some demand from SBI, which bought dollar in the range of Rs 36.225-23 levels, but later due to negligible corporate or local demand, firmed up to settle down at Rs 36.21-22. The rupee even saw a high of Rs 36.205 during the day, a forex dealer said.
According to leading forex dealers, the rupee opened almost steady at Rs 36.22-23 levels compared to Wednesday's closing levels. The SBI made some dollar purchases which pushed the rupee to Rs 36.235 levels, but later as no other demand hit the market, the rupee recovered further by about one paisa for the day.
Meanwhile, the forward premiums initially went up by one or one and half paisa over Wednesday's closing amid some corporate covering mainly for the month of March and April.
The cash to spot dollar was quoted at 0.25 to 0.75 paisa premium at the fag end.
The forward dollar premia for October was quoted at 3.5-4.5 paise premium, for November 15-17 paise, December 30-33, January 48-51, February 64-67, March 82-87 and April 101-104 paise premium respectively.
On the other hand, the overseas market also witnessed absolute dull and quite market with not much activity, a dealer at the foreign bank said.
Elsewhere, the Reserve Bank of India maintained the reference rate at Rs 36.22 per dollar for the third consecutive day on Thursday.
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