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Saturday, Aug 20, 2005

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Rupee declines; securities flat

Our Bureau

MUMBAI: The rupee weakened further against the dollar on Friday due to strengthening of the greenback in the global markets as well as some domestic demand.

The rupee opened at 43.58/59 and inched up to an intra- day high of 43.60. It closed at 43.58, down from Thursday's 43.57.

A dealer at a private bank said domestic oil companies were buying dollars. But exporters were watching the 43.60 mark to sell the greenback.

In the forward premia, there was further drop on account of a cash dollar shortage. The 12-month premium was at 0.83 per cent (0.85 per cent) and the 6-month premium at 0.81 per cent (0.87 per cent).

The bond market was flat with a downward bias, as the market was in selling mode the whole day. There was profit- booking seen at every level, dealers said. The most active security was the 7.37-9-year 2014 paper, which opened at Rs 102.19 (7.03 per cent YTM) and closed at Rs 102.18 (7.03 YTM), unchanged from the previous level of Rs 102.18 (7.03 per cent YTM). This paper saw volumes worth Rs 1,000 crore.

The 10.25-16-year 2021 paper opened at Rs 125.55 (7.46 per cent YTM) and ended trade at Rs 125.61 (7.46 per cent YTM), against Thursday's close of Rs 125.40 (7.48 per cent YTM). The 7.38-10-year 2015 benchmark paper was dealt at Rs 102.10 (7.08 per cent) against the earlier level of Rs 102.19 (7.07 per cent YTM).

Call rates opened at 5 per cent but was dealt at 6.25 per cent as it was reporting Friday. It closed at 6-6.10 per cent (5 per cent).In the three-day reverse repo auction, the RBI received and accepted 43 bids amounting to Rs 25,935 crore.

In the CBLO market, there were 225 trades for Rs 7,024.30 crore in the rate range of 3-6.25 per cent.

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