Financial Daily from THE HINDU group of publications
Wednesday, Apr 17, 2002

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Rupee firm; securities rise

Our Bureau

Mumbai: THE rupee closed almost unchanged from the previous level of 48.9450 per dollar in a thin forex market. The currency opened with a wide quote at 48.94/96.

Dealers said, that volumes were down substantially on account of the nationwide strike observed by public sector banks. "A couple of nationalised banks were seen selling dollars in the morning despite staying in the sidelines. They may have done this on the RBI's behest," said a forex dealer.

Meanwhile, forwards eased marginally with the six-month premium ending at 6.23 per cent (6.27 per cent) and the premium for one-year ending at 5.63 per cent (5.67 per cent).

Bond markets reported thin trading as the money market operations were affected by the strike. However, prices of Government securities gained by around 15 paise on various maturities.

The 11.50 per cent 2011 paper ended at Rs 128.95. The 11.03 per cent 2012 paper got dealt at Rs 126.75. The 9.85 per cent 2015 closed the day at Rs 120.65.

Meanwhile, in response to request received from banks and primary dealers, the RBI has decided that the successful allottees of the 7.49 per cent 2017 paper can make payments either on April 16 or April 17. If allottes pay on April 17, they will have to pay accrued interest for one day, said a press release. In the one-day repo under the LAF, the RBI received and accepted seven bids amounting to Rs 5,875 crore at the rate of six per cent.

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