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Rupee gains by 18 paise

The Indian unit opened at Rs 38.90-95 per dollar, but some deals were reported at a further lower level of Rs 38.95-98. The rupee gained lost ground when SBI entered the market and sold dollars.

The rupee then firmed up to Rs 38.74-80. The Reserve Bank of India unexpectedly entered the forward market and was seen paying at the February and March counters, a dealer said, and added that with the paying pressure by RBI in the forwards, premia rose sharply and closed higher compared to previous levels.

The rupee finally settled down at Rs 38.74-77 per dollar.

The six-month annualised premia in percentage closed higher at 16.5 per cent as against 13.82 per cent, while the 1-year premia closed at 14.7 per cent.

One yearly annualised premia ended at 14.7 per cent from 12.40 per cent.

The monthly forward premiums in paise were 51-54 for February, 115-125 for March, 187-190 for April, 230-240 for May, 275-285 for June, 315-325 July, 350-360 for August, 395-410 for September, 430-450 for October, 470-490 for November, 510-530 for December and 550-550 paise for January 1999.

The RBI fixed the reference rate for the US dollar at Rs 38.82 as against Rs 38.77 yesterday.

Elsewhere, the rupee was traded between Rs 64.07 and Rs 63.53 per sterling, at Rs 21.23 against the mark, and at Rs 30.81 (per 100 units) against the Japanese yen.

UNI