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Tuesday, Jul 26, 2005

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Rupee weakens; securities down

Our Bureau

MUMBAI: The rupee further weakened against the dollar on Monday as PSU banks were heavily buying the greenback. The rupee opened at 43.48/49 and ended at 43.5450/55, weaker than Friday's close of 43.50.

In the forward premia market, the 12-month was at 1.01 per cent (0.97) and the 6-month was at 0.93 per cent (0.89). In the bond market, prices initially rose by about 10 paise on buying by some state-run banks. Dealers said Bank of India and State Bank of India were seen buying papers.

However, the sentiment was cautious ahead of the quarterly review of the monetary policy due on Tuesday. Volumes were thin at just Rs 1,000 crore. "Half the bond dealers are of the view that there will be a hike in the reverse repo rate while others think there will not be any hike," said a dealer at a private bank.

The 7.27 per cent-8-year-2013 paper, which is currently active opened at Rs 101.8 (7.10 per cent YTM) and closed at Rs 101.18 (7.08 per cent YTM), slightly lower than Friday's Rs 101.20/22 (7.07 per cent).

The 7.37-9 year-2014 paper opened at Rs 101.40 (7.16 per cent YTM) and closed at Rs 101.48 (7.14 per cent YTM).

The 7.38-10 year-2015 benchmark paper was dealt at Rs 101.65 (7.15 per cent YTM).

The call rate was at 5.05 per cent (3-4 per cent). The CBLO market saw 213 trades being put through in the 4.95-5.25 per cent range, amounting to Rs 8,869.70 crore.

In the one-day reverse repo auction, under the Liquidity Adjustment Facility, the RBI received and accepted 24 bids amounting to Rs 11,495 crore.

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