Financial Daily from THE HINDU group of publications
Friday, Jun 21, 2002
Financial Daily from THE HINDU group of publications Friday, Jun 21, 2002 |
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Money & Banking
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Forex Rupee slips; securities gain Our Bureau
Mumbai: THE rupee closed marginally weaker on Thursday at 48.9150/9250 against the dollar, as compared to Wednesday's close of 48.90/91 in the forex market. Forex dealers said, the market saw a lot of dollar supplies in the early part of the day due to which the rupee strengthened to 48.8850. At this point nationalised banks started mopping up dollar liquidity and the currency slipped towards close. Meanwhile, forwards eased with the six-month premium ending at 5.45 per cent (5.58 per cent) and the premium for one-year closing at 5.40 per cent (5.50 per cent). Securities prices rose by around 40-50 paise over morning levels as easy liquidity conditions and the lack of an open market operation (OMO) by the RBI helped prices gain. Dealer said that prices, which had started picking up since Wednesday, continued to rise on Thursday as well. Said one dealer, "The liquidity in the system continues to be ample in spite of the tax outflows. With no OMO in sight, market players have started buying up the more illiquid stocks.'' The 11.03 per cent 2012 paper, which had opened at Rs 121.80, closed at around Rs 122.27 and the 7.40 per cent 2012 paper, which had opened at Rs 98.40, closed at Rs 98.55. The 11.50 per cent 2011 paper ended at around Rs 125.05, after opening at Rs 124.40/50 and the 7.55 per cent 2010 paper closed at Rs 100.50, after opening at Rs 100.25. The 9.85 per cent 2015, which had opened at Rs 114.30, ended at around Rs 114.55. In the inter-bank call money market, the call rates ended at around 6-6.10 per cent. In the one-day repo auction, the RBI received three bids of Rs 13,530 crore and partially accepted the same at Rs 8,110 crore at 6 per cent.
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