Financial Daily from THE HINDU group of publications
Wednesday, Dec 10, 2003
Financial Daily from THE HINDU group of publications Wednesday, Dec 10, 2003 |
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Money & Banking
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Forex Rupee volatile; gilts rule steady Our Bureau
MUMBAI: The rupee experienced much intra-day volatility and closed at 45.5300/5350 on Tuesday against the dollar, similar to Monday's closing levels of 45.5550/5650. The domestic currency opened the day higher at 45.46/47, which is the intra-day high and hit intra-day low of 45.57 against the greenback. Public sector banks were seen buying dollars heavily from morning onwards and the currency was seen at 45.53/54 levels for a long time. There were good dollar inflows but demand outweighed supply, said a dealer in a private sector bank. It was not clear whether the central bank had intervened or not, he added. In the forwards market, premia moved up a tad. The six-month premium closed at 0.12 per cent (0.04 per cent) and the one-year premium ended at 0.27 per cent (0.25 per cent). In the Government securities, market prices were stable for most of the day until prices fell by 10-20 paise towards the fag end. Some indicative papers were the 7.37 per cent 2014 paper opened at Rs 116.85 and closed at Rs 116.75/85. The 6.25 per cent 2018 paper opened at Rs 104.17 and closed at Rs 104.00. Liquidity was easy in the inter-bank call money market and 61 bids worth Rs 25, 030 crore were accepted through the LAF window at the repo rate of 4.5 per cent.
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