Financial Daily from THE HINDU group of publications
Tuesday, Jan 20, 2004
Financial Daily from THE HINDU group of publications Tuesday, Jan 20, 2004 |
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Money & Banking
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Forex Rupee tad firmer; gilts listless Our Bureau
MUMBAI: THE rupee closed on Monday at 45.4050/4100, two paise up from Friday's close of 45.42/43 against the dollar. The domestic currency opened lower at 45.44/45 but rose contrary to the international scene of the greenback gaining against international majors. With the expectation that the rupee would also fall banks had built up long positions, which they later unwound by selling dollars. This, in turn, led to appreciation of the rupee to its closing levels, said forex dealers. The New York markets were closed on account of the Martin Luther King Day, which will result in dull dollar inflows on Tuesday. In the forwards market, the Reserve Bank of India is believed to have bought up forward contracts in the six months segment. The six months forward closed at 0.69 per cent (0.40 per cent) and the one-year closed at 0.56 per cent (0.41 per cent). Thirteen State Governments tapped the debt markets through the 5.90 per cent State development loans maturing in 2017, as G-sec prices fell by 5-20 paise on lacklustre trading. Traded volumes were low at just below Rs 2,000 crore and trade was directionless, said a money market dealer in a bond house. Some indicative papers were the 8.07 per cent 2017 paper, which opened at Rs 123.95 and closed at Rs 123.75 and the 7.49 per cent 2017 paper which opened at Rs 118.28/30 and closed at Rs 118.10. The 10-year benchmark paper closed at Rs 117.60 with corresponding yield of 5.13 per cent. In the call money market, liquidity was plenty and 41 bids worth Rs 23,715 crore were accepted through the LAF window.
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