Business Daily from THE HINDU group of publications
Thursday, Jan 10, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Thursday, Jan 10, 2008 ePaper | Mobile/PDA Version |
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Money & Banking
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Forex Rupee range-bound Mumbai, Jan. 9 The rupee was range-bound against the dollar on Wednesday due to intervention by the central bank. If it were not for the RBI's presence in the market, the rupee would have appreciated, said a forex dealer with a public sector bank. The rupee opened at 39.28/29 and closed at 39.28, which is the same as the previous day's close. For most of the day it traded between 39.28 and 39.30. "The central bank has been present in the market for the past three days now, but it will not be able to sustain its intervention for long. It can only cushion the depreciation of the dollar and ensure that the rupee's gain is gradual instead of sudden," said the dealer. The dollar was steady against other foreign currencies as well,he added. The forward premia were higher, with the six-month closing at 1.57 per cent (1.48 per cent) and the 12-month at 1.32 per cent (1.23 per cent). - Our Bureau
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