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SBI employees' indefinite strike impacts volumes in forex markets

Written by: Staff

Mumbai, Apr 3 (UNI) The nationwide indefinite strike by the country's largest public sector bank, State Bank of India (SBI) had an impact on the foreign exchange (Forex) markets keeping rupee quiet despite bulls roaring in the equity markets, said a forex dealer.

In the absence of SBI taking part in forex market operations, rupee saw very little upward movement despite massive gains in the equity markets, as the volumes were low, the dealer added.

A massive bull run in the domestic equity market held rupee strong at 44.60 level but the expected rise was missed as SBI was not trading, the 30 share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) was up by 284 points to 11,564 points, an all time high for the Sensex.

Finally rupee closed stronger at 44.59/61 per US dollar with a gain of just three paise as compared to the last close of 44.62/63, said the dealer.

Earlier, rupee opened firm at 44.61/63 per US dollar as compared to the last close of 44.62/63, the dealer added.

Later in the mid-morning session, rupee traded almost unchanged at 44.6150/6250 per dollar, the dealer said.

Rupee could have seen more gains due to the USD 2.5 billion addition in the foreign exchange reserves last week and robust foreign fund inflow in the equity markets.

The Reserve Bank of India (RBI) reference rate for the rupee versus US dollar was 44.61, which was unchanged from Friday's close.

The six-month forward premia ended lower at 2.01 per cent, as compared to Friday's close at 2.06 per cent.

The one-year forward premia also ended lower at 1.81 per cent, as compared to the last close at 1.86 per cent.

The cross-currency closing rate for the rupee against the euro was 53.66 (53.96), which was 30 paise lower, for pound sterling it was 76.90 (77.42), which was 52 paise lower and for the Japanese yen it was 37.58 (37.89), which was 31 paise lower.


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