Financial Daily from THE HINDU group of publications
Saturday, Jun 12, 2004
Financial Daily from THE HINDU group of publications Saturday, Jun 12, 2004 |
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Money & Banking
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Forex Rupee down 9 paise; gilts marginally up Our Bureau
MUMBAI: The rupee closed at 45.1550/1650 against the dollar on Friday, nine paise weaker than Thursday's close of 45.0650/0750. The dollar appreciated overseas against the euro and sterling, contrary to the market expectation. The rupee touched an intra-day high of 45.04 and a low of 45.1650. The forwards market had a good two-way movement, said dealers. This was on expectation of a repo rate hike by the RBI. The six-month forward closed higher by 12.50/14.50 paise at 0.60 per cent (0.46 per cent). The 12-month forward moved from 25 paise to 18.50 paise, then closed at 22/23 paise (0.52 per cent as against 0.45 per cent). Bond prices moved up marginally. The trading range was about 10-15 paise across securities. A dealer said the market moved up after the inflation figure was announced at 5.02 per cent. The 8.07 per cent 2017 paper opened at Rs 120.95/121.00 went up to Rs 121.80 and closed lower at Rs 121.08/10 at YTM 5.70 per centOvernight rates were steady. Call rates during the day touched 4.40-4.50 per cent and closed at 4 - 4.25 per cent. Under the Liquidity Adjustment Facility, the apex bank received 33 bids for Rs 8,560 crore, which were fully accepted by way of seven-day repos auction at the repo rate of 4.50 per cent.
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