Financial Daily from THE HINDU group of publications
Friday, Feb 13, 2004
Financial Daily from THE HINDU group of publications Friday, Feb 13, 2004 |
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Money & Banking
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Forex Rupee firms up; gilts advance Our Bureau
MUMBAI: The rupee closed marginally stronger on Thursday at 45.25 against the dollar as against Wednesday's close of 45.26/27. The market was almost evenly matched in terms of demand and supplies of the greenbacks, dealers said. In the absence of corporate demand, State-run banks stepped in at RBI's behest to mop up excess dollar liquidity. In the forwards market, the premia for six and twelve months closed at 0.43 per cent and 0.50 per cent respectively, as against a premia of 0.54 per cent and 0.61 per cent respectively. Bond prices gained by around 20-30 paise across maturities in an otherwise lacklustre government securities market. Dealers said market sentiment improved following positive statements on the economy from the RBI Governor reiterating the inflation outlook at around 4.50 per cent. The 8.07 per cent 2017 opened at Rs 122.40 and got dealt up to Rs 122.70. The 7.40 per cent 2012 opened at Rs 114 and got dealt up to Rs 114.25. Call rates remained at 4.50 levels in the inter-bank market. In the one-day repo, under LAF, RBI received and accepted 57 bids amounting to Rs 37,700 crore at the rate of 4.50 per cent.
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