Financial Daily from THE HINDU group of publications
Friday, Feb 06, 2004
Financial Daily from THE HINDU group of publications Friday, Feb 06, 2004 |
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Money & Banking
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Forex Rupee stronger; bonds decline Our Bureau
MUMBAI: The rupee closed stronger at 45.27 per dollar on Thursday, as against Wednesday's closing at 45.2875/2975. Dealers said the domestic currency strengthened due to good dollar inflows. "Inflows continue and there is still no sign of corporate demand for the greenback. The view is that all Asian currencies will appreciate in the near term. As long as some genuine demand does not emerge for dollars the rupee will continue to strengthen," said a dealer. Meanwhile, the six-month forward premium closed at 1.00 per cent (0.93 per cent), while the one-year premium ended at 0.80 per cent (0.75 per cent). Bond prices fell by over 50 paise across maturities on the back of substantial profit booking in the government securities market. The 7.37 per cent 2014 paper opened at Rs 117.05 and closed at around Rs 116.75. The 8.07 per cent 2017 opened at Rs 123.70/75 and closed at around Rs 123.22/23. Dealers said market players were taking advantage of the rally in bond prices over the past couple of days and were selling ahead of the release of inflation figures on Friday. The ten-year benchmark yield, which had gone down to 5.16 per cent levels, recently firmed up back to 5.19 per cent. Call rates remained at around 4.50 per cent levels in the inter bank market. In the one-day repo under LAF, RBI received and accepted 59 bids amounting to Rs 43,425 crore at the rate of 4.50 per cent.
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