The Hindu Business Line : Gilts range-bound; rupee tad firmer

MUMBAI: Bond prices traded in a narrow range and saw a marginal rise of around 10 paise in select maturities in a lacklustre government securities market.

The 10-year-7.38-per-cent 2015 benchmark paper closed at Rs 102.75/85 (7.01 per cent YTM) against the Friday's close of Rs 102.65 (7.02 per cent YTM). It had opened at 102.65 (6.99 per cent YTM).

Dealers said that that the 7-year 6.85 per cent 2012 paper was more actively traded than the 10-year benchmark paper. The market saw trade volumes of Rs 900-1,000 crore while the volumes in the treasury bill market were Rs 1,400 crore. Call rates closed steady at around 4.75 per cent in the inter-bank market. The CBLO market saw 170 trades aggregating Rs 6,487.15 crore. This was put through in the rate range of 4.40-5 per cent. In the long-end, MIFOR-based interest rate swaps, the five-year swap closed at 6.51-6.59 per cent. In the one-day reverse repo under the liquidity adjustment facility, the RBI received and accepted 42 bids amounting to Rs 31,435 crore

The rupee closed at 43.71/7150 against the dollar, stronger compared to Friday's close of 43.75/76. The rupee opened at 43.73/74. However, on the whole trade was dull, said dealers.

"An easing in oil prices coupled with the weakening of the greenback against the euro caused the rupee to gain today. There were not many buyers for the dollar in the market", said a dealer at a private bank.

In the forward premia market, the 12-month premium closed at 1.47 per cent (1.53 per cent) and the 6-month premia closed at 1.71 (1.72 per cent).

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