Financial Daily from THE HINDU group of publications
Tuesday, Jan 29, 2002
Financial Daily from THE HINDU group of publications Tuesday, Jan 29, 2002 |
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Money & Banking
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Forex Rupee range-bound; securities gain Our Bureau
MUMBAI: THE rupee ended on Monday at almost the same previous level of 48.3550/3650 against the dollar in a range-bound forex market. It opened at 48.34 and was maintained at those levels even as State-run banks who were mopping up excess dollar supplies that bunched up over the extended weekend, said forex dealers. "The currency is largely range-bound these days and although there were good supplies, it didn't appreciate much because nationalised banks did not let it,'' said a dealer. Meanwhile, forwards remained relatively flat with the six-month premium ending at 5.77 per cent (5.90 per cent) and the premium for one year ending at 5.56 per cent (5.50 per cent). "We will see some adjustment in the interest rate differentials of the premium as the LIBOR is going up,'' said a dealer. Meanwhile, bankers said the rising forex reserves are expected to maintain the positive sentiment in the market as the reserves is close to touch $50 billion. Bond prices moved up by around 20-30 paise across maturities in a continued liquidity driven rally in the Government securities market. The 11.50 per cent 2011 paper opened at Rs 125.52 and closed higher at Rs 125.72.The 11.03 per cent 2012 paper opened at Rs 123.20 and closed at Rs 123.42.The 9.81 per cent 2013 paper opened at Rs 114.85 and finished higher at Rs 115.10.The 9.85 per cent 2015 paper opened at Rs 115.68 and ended at Rs 115.86. Dealers said, there is adequate liquidity in the system and sentiment is also positive because of the prevailing low inflation rate. Call rates ended at a comfortable 6.70 per cent in the inter-bank market. In the one-day repo under the LAF, the RBI received and accepted four bids amounting to Rs 215 crore at the rate of 6.50 per cent. The fortnightly repo received one bid amounting to Rs 60 crore, which was not accepted.
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