Financial Daily from THE HINDU group of publications
Thursday, Mar 11, 2004
Financial Daily from THE HINDU group of publications Thursday, Mar 11, 2004 |
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Money & Banking
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Forex Rupee ends higher
MUMBAI: The rupee on Wednesday closed a tad higher at 45.2250, from Tuesday's close of 45.2375 in its value against the dollar. The Resserve Bank of India, through public sector banks, was seen buying up dollar supplies throughout the day, said dealers of an otherwise dull day of lacklustre trading. The rupee touched an intra-day high of 45.2175 after having opened the day at 45.2250/2350. In the forwards market premiums moved up in the short- term. The six months forward closed at 0.41 per cent (0.35 per cent) and the one-year closed at 0.48 per cent (0.47 per cent). In the Government securities market, bond prices advanced, pushing yields of bonds due in 2017 to their lowest since February 9, on speculation banks will use funds from rising deposits to increase their purchases of government debt. The 8.07 percent bond due in 2017, among the most traded government securities, rose 24 paise to 122.85 at the close of trading, according to Bloomberg data. The yield fell 2 basis points to 5.56 percent.
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