Financial Daily from THE HINDU group of publications
Friday, Jan 09, 2004
Financial Daily from THE HINDU group of publications Friday, Jan 09, 2004 |
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Money & Banking
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Forex Rupee gains; securities up Our Bureau
MUMBAI: The rupee on Thursday closed 3 paise higher at 45.53/54 in its value against the dollar, up from Wednesday's 45.56/57. The domestic currency opened at similar levels of 45.53/54 and touched a high 45.51 on good dollar inflows, which were sucked away by the central bank, said currency merchants. The currency touched an intra-low of 45.56. Players were seen selling euros to buy dollars apprehensive of the European Central Bank Governor's comments on the single currency later tonight. In the forwards market, the six months premium closed at 0.05 per cent (- 0.02 per cent) and the one-year closed at 0.22 per cent (0.19 per cent). G-sec prices were seen up by 20-25 paise despite a fall in the early half of the trading day. The upward movement was in reaction to the slew of measures announced by the Central Government lowering customs and import duties in various sectors. This is expected to bring in higher FDI and thereby augment the foreign exchange reserves and liquidity in the financial system, said an enthused money market dealer. Liquidity has been the key driver of the rally in g-sec prices in recent times. Some indicative papers were the 8.07 per cent 2017, which opened at Rs 124 and closed higher at Rs 124.25. The 6.25 per cent 2018 paper opened at Rs 106.55 and ended at Rs 106.75. Traded value was higher at Rs 4,800 crore, up from a daily average of Rs 3,000-3,500 crore seen in recent times. Call rates were soft at 4.40-4.50 per cent and amounts worth Rs 32,000 crore were accepted through the LAF window at the repo rate of 4.5 per cent.
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