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Wednesday, Apr 06, 2005

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Rupee steady; securities rise

MUMBAI: The rupee closed almost unchanged from its previous levels, ending at 43.78 per dollar on Tuesday.

The domestic currency opened at 43.82/83 and touched an intra-day high of 43.84 on a bout of dollar buying across the board. Dealers said that there were dollar inflows and also some selling at the end of the day. Those holding long positions on the greenback later liquidated their dollars.

The forward premia market saw a rise with the 12-month premium closing at 1.50 per cent (1.39 per cent) and the six-month premium closing at 1.86 per cent (1.68 per cent). Dealers said that the forward premia market inched up on paying interest by corporates.

Bond prices rose marginally by seven paise, but remained largely dull ahead of the auction results.

The 10-year benchmark, the 7.38-per-cent 2015 paper, closed at Rs 104.75 (6.70/73 per cent YTM) against Monday's close of Rs 104.63 (6.75 per cent YTM). It opened at Rs 104.70 (6.85/90 per cent YTM).

A dealer at a private bank said, "There was some buying after the auction results were declared. But trade was largely thin". The seven-year paper and the 27-year paper were fully paid for, he said.

The CBLO market saw an all-time high of 170 trades aggregating Rs 6,804.65 crore. This was put through in the rate range of 4.10 to 4.75 per cent.

Call rates closed at 4.70/80 per cent. In the one-day reverse repo under the Liquidity Adjustment Facility, RBI received and accepted 38 bids amounting to Rs 34,265 crore.

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