Financial Daily from THE HINDU group of publications
Wednesday, Sep 10, 2003
Financial Daily from THE HINDU group of publications Wednesday, Sep 10, 2003 |
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Money & Banking
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Forex Rupee firms up by 3 paise Our Bureau
MUMBAI: Trading volumes and interest were both down in the local currency markets on Tuesday, the day being the last day of the Ganesh immersion festival. The rupee closed 3 paise higher over the previous day at 45.80/81 on good dollar supplies. It opened at 45.82/83, touched an intra-day high of 45.7950 at which level state-run banks came in to buy the greenback. The RBI was seen protecting the 45.80 level, said a dealer in a private bank. The intra-day high was 42.8250 against the dollar. In the forwards market, there was plenty of inter-bank activity with premia firming up intra-day to ease later. The six months premium closed at 1.42 per cent (1.41 per cent) and the one-year closed at 1.37 per cent (1.40 per cent). Traded volumes in the government securities market plummeted to a mere Rs 3,000 crore as against an average of over Rs 6,000 crore seen in the past two weeks. "After 2 pm, there were hardly any deals as most dealers were seen leaving early. The market was rather inactive throughout the whole day,'' said the chief dealer in a primary dealership. In terms of prices, the ten-year papers were seen falling, as the longer-term papers remained steady. Some indicative papers were the 9.81 per cent 2013 paper, which opened at Rs 134.05 and closed at Rs 133.90. The 7.27 per cent 2013 paper also opened at Rs 115.29 and closed at Rs 115.18. The longer term, 8.35 per cent 2022 paper, opened at Rs 126.40 and closed at Rs 126.45. In the inter-bank call money markets, the rates were going at 4.45-4.50 per cent. Through the LAF window, the central bank accepted all 34 bids worth Rs 16,265 crore at the repo rate of 4.50 per cent.
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