June 26, 2002	Wednesday	Rabi-us-Sani 14, 1423

MUMBAI, June 25: The rupee snapped a six-session rising trend to end Tuesday a touch lower on increased payments by importers, including a large private-sector firm.

It ended at 48.90/91 per dollar, weaker than Monday’s two-month closing high of 48.8775/8900.

The central bank often intervenes through state-run banks to prevent sharp movements in the rupee, they said.

I don’t think bullishness will be permitted, said a state-owned bank dealer. I think the rupee will be range bound and the market dull.

Exporters continued selling dollars in the spot and forward markets.

Rupee premiums on the forward dollar dropped further, with the six-month annualised premium closing at 5.14pc against Monday’s 5.33pc.—Reuters