Financial Daily from THE HINDU group of publications
Thursday, Aug 11, 2005
Financial Daily from THE HINDU group of publications Thursday, Aug 11, 2005 |
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Money & Banking
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Forex Rupee tad weaker; bonds bullish Our Bureau
MUMBAI: The rupee was largely stable around levels of 43.53 on Wednesday, but fell towards the end of trade, due to dollar demand by importers. The rupee opened at 43.54/55 and closed at 43.56/57, lower than Tuesday's level of 43.54. According to a dealer, the market was by and large quiet, as there were good supplies throughout the day. "Due to high oil prices, there was demand for the dollar. But supplies matched demand," he said. The forward premia market also dropped a bit, with the 6-month premium closing at 0.75 per cent (0.91 per cent) and the 12-month premium touching 0.80 per cent (0.88 per cent). Sentiment in the bond market was bullish as the US FOMC meeting went as expected. Besides, the market expects a good demand for the government auction scheduled on Thursday, said dealers. A dealer with a private bank said, "There was no hawkish statement at the FOMC meeting, so bond prices rose." The 10.25 16-year 2021 paper, which is currently most active, opened at Rs 125.22 (7.49 per cent YTM) and closed at Rs 125.60 (7.46 per cent YTM), up from Tuesday's level of Rs 124.91 (7.52 per cent YTM).The 7.38 per cent 10-year benchmark paper was dealt at Rs 102.55 (7.02 per cent YTM) against the previous level of Rs 102.38 (7.04 per cent YTM). The 7.55 per cent 5-year 2010 paper opened at Rs 103.80 (6.60 per cent YTM) and closed at Rs 103.85 per cent (6.59 per cent YTM). The 7.27 8-year 2013 paper, which is the most active paper, opened at Rs 102.30 (6.89 per cent YTM) and closed at Rs 102.39 (6.87 per cent YTM). Call rate was at 4.95 per cent (4.75 - 5 per cent). In the one-day reverse repo auction, RBI received and accepted 56 bids amounting to Rs 42,625 crore. In the CBLO market, there were 249 trades for Rs 1,311.15 crore in the rate range of 4.50 - 4.99 per cent.
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