Financial Daily from THE HINDU group of publications
Friday, Mar 05, 2004
Financial Daily from THE HINDU group of publications Friday, Mar 05, 2004 |
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Money & Banking
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Forex Rupee extends loss; securities decline Our Bureau
MUMBAI: The rupee closed weaker at 45.32 on Thursday against the dollar in the forex market. On Wednesday, the domestic currency closed at 45.2850/2900.
The rupee opened at 45.28/29 and touched an intra-day high of 45.33 on the back of significant dollar buying by banks across the board, dealers said. However, dollar supplies too remained consistent. "Not only were State-run banks buying at RBI's behest, but those who were short on dollars were also buying heavily," said a dealer with a private sector bank. Meanwhile, forwards eased substantially, with the six-month premium closing at 0.25/28 per cent (0.49 percent) and the premium for one year closing at 0.35 per cent (0.52 per cent). Bond prices opened high but fell by around 10-15 paise across some maturities in a thin government securities market. Even though volumes were low the liquidity remains high and there was some amount of profit booking in the market, dealers said. The 8.07 per cent 2017 opened at around Rs 122.48/50 and closed at Rs 122.35/37. Call rates remained at around 4.25 per cent levels in the inter-bank market. In the one-day repo under LAF, the RBI received and accepted 66 bids amounting Rs 47,065 crore at the rate of 4.50 per cent.
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