The rupee closed a tad against the dollar on October 21, as trading volumes remained thin due to the strike called by the employees of the Reserve Bank of India. The rupee opened at 48.99 and weakened to touch an intra-day low of 49.15. It closed at 49, against the previous close of 49.01. Due to the strike called by the RBI employees, there were no cash transactions.
Therefore, foreign banks were not active, as they did not buy dollars to make arbitrage profits in the non-deliverable forward market. In the forward market, the 6-month premium closed lower at 0.48 per cent (0.74) and the 12-month ended at 0.43 per cent (0. 61).
Therefore, foreign banks were not active, as they did not buy dollars to make arbitrage profits in the non-deliverable forward market. In the forward market, the 6-month premium closed lower at 0.48 per cent (0.74) and the 12-month ended at 0.43 per cent (0. 61).
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