Financial Daily from THE HINDU group of publications
Wednesday, Feb 25, 2004
Financial Daily from THE HINDU group of publications Wednesday, Feb 25, 2004 |
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Money & Banking
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Forex Rupee gains 3 paise; gilts recoup losses Our Bureau
MUMBAI: The rupee on Tuesday appreciated three paise on thin volumes to close the day at 45.2725/2825 against the dollar. Most public sector banks were out of the market on account of the national strike. The domestic currency opened the day at 45.2850/2900 and touched an intra-day low of 45.3050 on corporate demand for the greenback. With the dollar gaining strength overseas, Indian corporates came in to buy greenbacks. In the forward market, there was limited activity. The six-month forward closed at 0.35 per cent (0.34 per cent) and the one-year closed at 0.45 per cent (0.4 per cent). G-sec prices gained by 20-60 paise across maturities reversing Monday's losses. traded volumes were moderate at Rs 2,160 crore with bond houses and mutual funds very active. The 8.07 per cent 2017 paper opened at Rs 121.75 and closed higher at Rs 122.40. The 6.25 per cent 2017 paper, which opened at Rs 104.90, closed higher at Rs 105.38. The 10-year benchmark closed at a yield of 5.24 per cent. With liquidity surplus, the central bank accepted funds worth Rs 39,465 crore at the repo rate of 4.5 per cent through the LAF window.
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