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Tuesday, Sep 20, 2005

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Rupee weak; securities dull

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MUMBAI: The forex and money markets opened the week on a relatively dull note.

The rupee pared its losses, thanks to a rising equity market. Bond prices took recourse in the fact that government borrowing is in line with expectations, following the announcement of the auction calendar, said market sources.

The rupee opened weak at 43.93/94. It ended at 43.90/91, slighter lower than Friday's close of 43.87/88.

According to a dealer with a public sector bank, good dollar demand pulled the rupee down.

In the forward premia market, the 12-month premium ended at 0.40 per cent (0.65 per cent) and the 6-month premium closed at 0.50 per cent (0.65 per cent).

In the bond market, securities opened firm and increased by 15 paise as LIC bought long-dated securities. However, there was some selling as the auction calendar was expected, due to which prices fell by 10 paise. The net gain at the end of trade was 5 paise, said dealers.

The 10.25-16 year-2021 paper opened at Rs 126.47 (7.37 per cent YTM) and closed at Rs 126.53 (7.36 per cent) against the earlier level of Rs 126.44 (7.38 per cent YTM).

The 7.37-9 year-2014 paper opened at Rs 102.68 (6.94 per cent) and closed at Rs 102.71 (6.93 per cent), up from the previous level of Rs 102.66 (6.95 per cent).

The 7.38-10 year-2015 paper was dealt at Rs 102.7 (6.99 per cent), against the earlier level of Rs 102.40 (7.04 per cent YTM).

Call rates opened at 5.10 per cent and closed at 5 per cent (4.95-5.05 per cent).

In the one-day reverse repo auction, the RBI received and accepted 35 bids amounting to Rs 18,945 crore.

In the CBLO market, there were 202 trades for Rs 8,278.05 crore in the rate range of 4.95-5.25 per cent.

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