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SPOT DOLLAR
The rupee ruled a shade stronger against the dollar on Thursday at 43.46/47 levels. Opening the day at 43.45/46 from its overnight close at 43.4475/4525, the rupee was seen a tad lower at 43.4550/4650 on slight corporate interest for dollars. "Trades were moderate... dollar demand continues be lacklustre", a dealer with a brokerage said. On Wednesday, the rupee had gone to an intra-day low of 43.4850 after the SBI stepped in to buy dollars. Banks had gone long-dollars on Wednesday in anticipation of further weakness in the rupee. "Weakness in the rupee is expected on account of the Y2K issue... FFIs are also expected to play safe in December when they typically book profits", a dealer with a brokerage said. At close, the rupee was seen at 43.4550/46. Cash/tom closed at 0.25/0.3750 paise (0.25-0.50 paise), cash/spot at 1/1.25 paise (0.5/0.75 paise) with tom/spot at 0.75/0.8750 paise (0.00/0.25 paise).FORECAST: Rupee seen at 43.46 levels on Friday. Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.
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