Business Daily from THE HINDU group of publications
Saturday, Oct 06, 2007
ePaper
Business Daily from THE HINDU group of publications Saturday, Oct 06, 2007 ePaper |
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Money & Banking
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Forex Rupee sheds 10 paise Mumbai, Oct. 5 The forex market saw steady trade as the central bank intervened to prevent intra-day volatility, said dealers. The rupee opened and closed at 39.48/49 at 39.48/49, down 10 paise from the previous close. During major part of the day it was between 39.47 and 39.49, except when it briefly touched 39.43, indicating that dollar supplies evenly matched the demand. According to a forex dealer with a public sector bank, the RBI is only trying to prevent intra-day volatility. It is not trying to fix the rupee at any particular level. "The RBI intervenes in the market depending on the day's supplies," he said. The dollar also did not see much movement against other global currencies, as the US employment data is awaited later in the day. In the forward premia, the six-month closed at 1.1 per cent (1.17 per cent) and the 12-month closed at 1.09 per cent (1.08 per cent). - Our Bureau More Stories on : Forex
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