Financial Daily from THE HINDU group of publications
Tuesday, Sep 09, 2003
Financial Daily from THE HINDU group of publications Tuesday, Sep 09, 2003 |
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Money & Banking
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Forex Rupee gains 4 paise Our Bureau
MUMBAI: The rupee closed at 45.83/84 per dollar on Monday, around four paise stronger than Friday's close of 45.87/88 in a lacklustre forex market. Forex dealers contend, that the market was largely supply driven with most market participants unwinding their long dollar positions. "The euro is looking strong and there was also a good bout of exporter selling which propped up the domestic currency marginally today,'' said a dealer. "The spot rupee is looking strong in the near term and looks poised to breach 45.80 levels shortly. Once that happens the new level will be around 45.60,'' he said. Meanwhile, forwards inched up on account of paying pressure building up over the past week. The six-month premium ended at 1.41 per cent (1.26 per cent) while the premium for one-year ended at 1.40 per cent (1.04 per cent). Securities weak: Bond prices lost around 5-10 paise across maturities in a flat Government securities market on Monday. The 6.35 per cent 2020 paper opened at Rs 105.45 and came down to Rs 105.40. The 7.27 per cent 2013 opened at Rs 115.35 and came down to Rs 115.27. Dealers said, the market is thin and the near term outlook remains one of cautious optimism. However, the longer-term yield curve continues to remain flat despite the auctions and OMO held today. The OMO of the 6.05 per cent 2019 paper received 377 bids amounting to Rs 9,636 crore. Of this the apex bank accepted 196 bids amounting to Rs 5,000 crore, at the cut-off price of Rs 102.51, (5.8037 per cent YTM). The auctions of the 10-year State Government stocks were all oversubscribed. Call rates remained easy at around 4.50 per cent levels in the inter-bank market. Meanwhile, in the one-day repo under the LAF, the RBI received and accepted 36 bids amounting to Rs 21,740 crore at the rate of 4.5 per cent. In the fortnightly repo for 14 days, 7 bids amounting to Rs 16,870-crore were received and accepted at the rate of 4.50 per cent.
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