January 24: Forward premiums tracked a weaker spot-rupee on Monday, but softened towards close on receiving interest at higher levels. The six-month annualised forward premium closed at 3.21 per cent, but lower than its intra-day high of 3.25 per cent and 3.13 per cent on Friday.The 12-month premium ended at 3.3 per cent from 3.20 per cent in the previous trading session.
January dollars ended at 1.5/2 paise, February at 13/14 paise, while in the far forwards, June ended at 59/60 paise and July at 70/71 paise. Dealers expect the premiums to firm up in case the rupee continues to be volatile on Tuesday.
The state loan auction is also expected to have some impact as Rs 636 crore will flow out of the system on account of the auction payment on Tuesday.
FORECAST: Forward premiums seen tracking rupee on Tuesday.
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