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Friday, Jan 17, 2003

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Rupee stable; gilts rally

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Mumbai: THE rupee closed at 47.93/94 against the dollar on Thursday as compared to Wednesday's close of 47.9450 in the forex market.

The rupee was seen appreciating on back of heavy dollar inflows into the market, said a forex dealer in a private bank. It opened the day at 47.9750/9850 touched an intra-day high of 47.9275/9375 and an intra-day low of 47.98/99 against the greenback.

State-run banks were missing from the market, therefore, there was no artificial demand created. When the currency touched 47.95/96 levels, all banks were seen selling dollars heavily adding to the appreciation in the rupee.

In forwards, the six-months premium closed a tad higher at 3.25 per cent (3.15 per cent) and the one year closed at 3.01 per cent (2.86 per cent).

G-sec prices across-the-board were seen rallying by 30-50 paise following the Rs 11,000 crore OMO results.

The cut-off price of the Rs 5,000 crore 5.87 per cent 2010 was fixed at Rs 99.80 and a yield of 5.90 per cent and that for the Rs 6,000 crore 6.25 per cent 2018 paper was Rs 100.51 and 6.19 per cent.

The 5.87 per cent 2010 paper was not fully subscribed with the RBI receiving bids worth only Rs 4,874 crore. The 6.25 per cent 2018 paper was over-subscribed with bids worth Rs 9,560 crore received and that worth Rs 6,000 crore accepted.

The 6.25 per cent 2018 paper closed 80 paise higher at Rs 101.35. The 7.40 per cent 2012 closed higher at Rs 110.45 and a yield of 5.92 per cent.

In the inter-bank call money market, liquidity was easy, with the call rates closing at 5.40-5.50 per cent.

In the one-day repo auction, RBI received bids worth Rs 6,000 crore all of which was accepted at the repo rate of 5.50 per cent.

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