Forward premiums

Forward premiums came off a bit on Monday. The six-month annualised forward cover was seen at 3.90 per cent compared to Friday8217;s 3.92 per cent. quot;Premiums came off as a few banks and exporters sold dollars. The general feeling is that the spot-rupee will hold its 43.52 levels in the near termquot;, a dealer with a brokerage said.

Call rates went to an intra-day high of 8.25 per cent today with a few stray quotes also seen at 8.40 per cent. quot;Premiums came off a shade despite call rates going higher after the payout of Rs 5,000 crore to the re-issue of the 11.83 per cent 2014 through a price-based auction on January 8, liquidity is seen being comfortable, and it is unlikely that premiums will quote any higher,quot; a dealer with a French bank said.

January dollars finished at 7/8 paise 5/6 paise, February at 19/20 paise 18/20 paise, while in the far forwards, June closed at 77/78 paise 78/79 paise with July at 91/92 paise 93/96 paise.

FORECAST: Forward premiums seen holding current levels on Tuesday.