Financial Daily from THE HINDU group of publications
Thursday, Jan 22, 2004
Financial Daily from THE HINDU group of publications Thursday, Jan 22, 2004 |
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Money & Banking
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Forex Rupee ends flat; bond prices fall Our Bureau
MUMBAI: The rupee closed at 45.4050 per dollar on Wednesday in a lacklustre forex market, almost similar to Tuesday's closing levels. Dealers said that demand and supplies of the greenback were almost evenly matched throughout the day. "During the early part of the day, some amount of bunched-up supplies came in and the rupee appreciated to 45.3650. But it did not stay there for very long as the RBI came in to mop up excess liquidity through State-run banks, and brought the domestic currency down a notch, at its closing levels," said a dealer. Forwards eased a little, with the six-month premium ending at 0.77 per cent (0.81 per cent) and the premium for one year ending at 0.63 per cent (0.64 per cent). Bond prices lost some ground in the Government securities market, dipping by around 6-10 paise across maturities. The market reacted to news reports of statements made by the RBI Governor, regarding `public debt swaps being a risky proposition", according to dealers. The 7.46 per cent 2017 paper opened at Rs 118.72 and plunged to Rs 118.62, while the 7.37 per cent 2014 opened at Rs 117.63 and fell to Rs 117.57. However, the market recovered by around 5 paise across maturities at around closing due to good liquidity in the system, dealers said. Call rates hovered at around 4.50 per cent in the inter-bank market. In the one-day repo, under LAF, the central bank received and accepted 44 bids amounting to Rs 24,655 crore.
More Stories on : Forex | Govt Bonds
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