Business Daily from THE HINDU group of publications
Friday, Jan 18, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Friday, Jan 18, 2008 ePaper | Mobile/PDA Version |
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Money & Banking
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Forex RBI intervenes; rupee steady Mumbai, Jan 17 The rupee was almost unchanged against the dollar on Thursday as the Reserve Bank of India continued to rein in the appreciating domestic currency. The home currency opened at 39.30/32 and touched an intra day low of 39.35. It then appreciated to 39.27 and finally ended the day at 39.30/31, against the previous close at 39.30. Dealers said that initially there was some dollar demand as the large gap in the value of the rupee between the local market and the offshore Non Deliverable Forward market widened the arbitrage opportunity. However, foreign banks later began selling dollars. “Foreign banks were possibly selling dollars on behalf of a few exporters. But the RBI quickly intervened to prevent undue appreciation in the rupee,” said a dealer at a private bank. In the forward market, the 6 month premium closed at 2.03 per cent (2.08) and the 12 month ended at 1.61 per cent (1.74).– Our Bureau More Stories on : Forex
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