Financial Daily from THE HINDU group of publications
Tuesday, Dec 30, 2003
Financial Daily from THE HINDU group of publications Tuesday, Dec 30, 2003 |
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Money & Banking
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Forex Rupee down 6 paise; gilts drop Our Bureau
MUMBAI: The rupee lost six paise in the money markets on Monday in the wake of month-end demand for the dollar. The domestic currency ended at 45.6450/6500, down from Friday's close of 45.5800/5850 in its value against the dollar. The rupee started the day at 45.57/58, which was the intra-day high and touched an intra-day low of 45.68. There was dollar demand from PSUs, mainly oil companies and the central bank was seen intervening in the market, said dealers. In the forwards market, premia fell drastically by 20-30 basis points with heavy exporter selling of forward contracts. The six months premium closed at - 0.09 per cent (0.19 per cent) and the one-year closed at 0.17 per cent (0.35 per cent). After a week long rally of about Rs 2, the government securities market fell by a marginal 20-30 paise on the back of profit booking. State run banks as well as short-term traders were seen booking profits as the year-end approaches. The 8.07 per cent 2017 paper opened at Rs 124.25 and closed lower at Rs 124.00. The 7.49 per cent 2017 paper opened at Rs 118.40/45 and closed at Rs 118.15. The inter-bank call money market was easy and amounts worth Rs 23,370 crore were absorbed through the daily repo and Rs 6,965 crore was sucked out through the fortnightly repo by the central bank at the repo rate of 4.5 per cent.
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