Dealers said the market ended squarish. The overnight call money rates are likely to remain at the same level on Friday. The spot rupee remained rangebound on Thursday and closed at 39.55, a tadweaker than its previous close of 39.54. But it was in small amounts and it did not have much impact on the rupee. The rupee touched a low of 39.5250 and a high of 39.5550 during the day.
Dealers expect policy decisions from the new government for any action inthe spot rupee.
The rupee is expected to remain rangebound and rule between 39.50 and 39.60 on Friday. Forward Premiums Forward premiums continued to fall across the board for the fourth consecutive day on Thursday. There was some paying pressure after forward premiums came down drastically during the day. Six-month forwards closed stronger at 8.10 per cent, down from 8.40 per cent. Dealers said that the spot rupee is likely to strengthen on the back of the strengthening forward rupee.