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FORWARD PREMIUMS
Monthly premiums moved up a shade in early on Thursday, but finished a shade lower. The six-month forward premium ended at an annualised 4.15 % (4.21 %). "There was cautious paying ahead of the year-end... but on the whole, there was not much activity in the forwards", a dealer with a European bank said. In the near terms, January dollars finished at 20/21 paise (21/23 paise) with February at 34/35 paise (34/37 paise) while in the far terms, June finished at 98/99 paise (99/101 paise) with July at 116/118 paise (118/120 paise). "The firmness in the spot-rupee at 43.46 levels and steady call rates at 8 per cent helped premiums rule firm", a dealer said, adding: "The rupee is expected to come under pressure on account of the Y2K issue and foreign institutional shying away during December... but nothing has happened so far". Figures released by the SEBI on Wednesday showed FII purchases on the bourses in December stood at over $130 million.FORECAST: Forward premiums seen holding current levels on Friday. Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.
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