Financial Daily from THE HINDU group of publications
Friday, Mar 26, 2004
Financial Daily from THE HINDU group of publications Friday, Mar 26, 2004 |
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Money & Banking
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Forex Rupee steady; gilts firm up Our Bureau
MUMBAI: The rupee rally ran out of steam on Thursday, when the domestic currency ended steady at 44.73/74 against the dollar, only marginally firmer than Wednesday's close at 44.75. Dealers said that the market saw a good amount of dollar demand from foreign and private banks, probably to cover their month-end requirements. The apex bank continued to watch from the sidelines and had not been conducting any intervention in the market, they added. Meanwhile, in the forwards segment, the six-month premium ranged between 0.62 per cent and 0.71 per cent, while the one-year premium ranged between 0.62 per cent and 0.68 per cent. Bond prices were up by around 10 paise to 15 paise on account of good liquidity in the Government securities market. The 10-year benchmark, 7.37 per cent 2014 paper closed at Rs 117.12/15 against its previous close at Rs 117.03 (5.17 per cent YTM). The 8.07 per cent 2017 paper closed at Rs 125.02 against its previous close at Rs 124.84/90. "The market is flat but moving on stray deals because of good liquidity. Bond prices may see an upward bias over the next couple of days, other things remaining the same," said a dealer. Call rates remained steady at 4.25 per cent levels in the inter-bank market. In the one-day repo, under LAF, RBI received and accepted 52 bids amounting to Rs 51,645 crore at the rate of 4.50 per cent.
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