Financial Daily from THE HINDU group of publications
Tuesday, Dec 09, 2003
Financial Daily from THE HINDU group of publications Tuesday, Dec 09, 2003 |
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Money & Banking
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Forex Rupee up 5 paise; g-secs range-bound Our Bureau
MUMBAI: The rupee on Monday closed five paise higher at 45.555/565 against the dollar. This is the second consecutive day of appreciation for the domestic currency, which moved up 8 paise since Thursday. The Indian currency opened the day at 45.57/58, touched an intra-day high of 45.545 and an intra-day low of 45.59. There were good dollar inflows and corporates were seen selling dollars. There was some corporate demand in tune with the usual. "The Reserve Bank of India appeared to have been intervening and sucking out greenbacks," said a dealer in a State-run bank. There was a little activity in the dollar forward market with hardly any movement in the premia. The six months premium closed at 0.04 per cent (0.01 per cent) and the one-year at 0.25 per cent (0.24 per cent).
In the Government securities market, prices were range-bound. The markets were lacklustre with no fresh triggers, according to dealers. Some indicative papers were the 8.07 per cent 2017 paper, which closed at Rs 121.85, and the 7.27 per cent 2013 paper, which closed at Rs 116.87, with a corresponding yield of 5.68 per cent. In the inter-bank call money market, liquidity was aplenty; rates reigned between 3-4.5 per cent. Through the LAF window, the central bank absorbed 58 bids worth Rs 29,325 crore at the repo rate of 4.5 per cent.
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