Financial Daily from THE HINDU group of publications
Wednesday, Mar 17, 2004
Financial Daily from THE HINDU group of publications Wednesday, Mar 17, 2004 |
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Money & Banking
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Forex Rupee stable; gilts in narrow range Our Bureau
MUMBAI: The rupee moved in a tight range in its deals on Tuesday despite heavy dollar supplies. The domestic currency closed at 45.2400/2450 in its value against the dollar. "There were good supplies of the greenback in the market but the central bank was consistently buying it up. RBI kept it steady at 45.23 levels today," said a dealer in a forex brokerage house. The domestic unit touched an intra-day high of 45.2325 and an intra-day low of 45.2325. There was limited activity in the dollar forward market. The six months forward closed at 0.39 per cent (0.36 per cent) and the one-year forward closed at 0.48 per cent (0.46 per cent). Prices moved in a narrow band of 10-20 paise in a thin Government securities market. The 8.07 per cent 2017 paper, which opened at Rs 123.30 to touch a low of Rs 123.25 and finally close at Rs 123.38. The 10-year benchmark closed at Rs 116.87 with a corresponding yield of 5.19 per cent. The prices dipped in the morning half due to profit taking by players. Call rates were easy despite the advance tax outflow and surplus funds worth over Rs 55,000 crore were absorbed by the RBI through the repo window at the overnight rate of 4.5 per cent.
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