Financial Daily from THE HINDU group of publications
Thursday, Jul 25, 2002
Financial Daily from THE HINDU group of publications Thursday, Jul 25, 2002 |
|
|
|
|
|
Money & Banking
-
Forex Rupee firms up; gilts rise Our Bureau
Mumbai: THE rupee on Wednesday closed a tad stronger at 48.67/68 per dollar unit as compared to its previous closing levels of 48.6850. Dealers said that the strong FII inflows coupled with the fact that the dollar has been weakening against other major currencies has resulted in the rupee gaining against the dollar. Said one dealer, "The demand for the greenback has not been very strong, while there have been some inflows due to which the rupee has appreciated. However, the RBI has been keeping the appreciation of the Indian currency in check by constantly mopping up dollars through nationalised banks.'' The rupee opened at 48.68 and traded mostly in the range of 48.67-68 through the day. Forwards closed slightly higher, with the six-month forwards premium closing at 4.47 per cent (4.44 per cent) and the 12-month forwards premium closing at 4.70 per cent (4.60 per cent). Bond prices, across the board, rallied by around 15-20 paise over opening levels as the ample liquidity in the system continued to push the prices high. Dealers said that a further rise in bond prices were hindered on Wednesday due to the papers that the RBI had put on its sale window through its open market operations. The 7.55 per cent 2010 paper, which had opened at around Rs 102.30 closed at around Rs 102.50 and the 7.40 per cent 2012 paper ended at around Rs 100.50, after opening at around Rs 100.30. Said one dealer, "While the medium-term OMO papers such as the 11.98 per cent 2004 paper and the 11.90 per cent 2008 paper received good response from banks, papers such as the 8.07 per cent 2017 paper did not garner a good response. However, the other OMO paper — the 10.18 per cent 2026 paper was fully subscribed.'' In the one-day repo auction, the RBI received 16 bids of Rs 22,965 crore and partially accepted the bids for Rs 16,077 crore at 5.75 per cent. Call rates continued to rule steady in the range of 5.60-5.70 per cent in the inter-bank call money market.
Send this article to Friends by E-Mail
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | The Sportstar | Frontline | Home |
Copyright © 2002, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|