Financial Daily from THE HINDU group of publications
Thursday, Apr 08, 2004
Financial Daily from THE HINDU group of publications Thursday, Apr 08, 2004 |
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Money & Banking
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Forex Rupee up 20 paise; gilts shed gains Our Bureau
MUMBAI: The rupee gained by 20 paise to close on Wednesday at 43.5450, up from previous close of 43.74/75 against the dollar. The currency opened at 43.74/75 and touched a low of 43.75 and a high of 43.46. The dollar inflows were heavy, but there was no corporate demand for the greenback whatsoever. The central bank stepped in to intervene sporadically, said a dealer in a PSU bank. In the forward dollars market, the premia increased with inter-bank activity. The six months premium closed at 0.52 per cent (0.42 per cent) while the one-year ended at 0.44 per cent (0.36 per cent). G-sec prices gained in the morning by 30 paise only to fall by 10-15 paise with the RBI's Governor's statements and the auction announcements. Following the good response to the first auction of market stabilisation bonds, the Centre unexpectatedly announced the sale of 6.18 per cent Government stock 2005 under the market stabilisation scheme for a notified amount of Rs 5,000 crore. It is to be a price-based auction using multiple price auction method and to be conducted on April 8. An indicative paper was the 6.05 per cent 2019 paper which opened at Rs 105.40 touched a high of Rs 105.78 and closed at Rs 105.60. Call rates were rather flat at 4 per cent. Through the seven-day repo, funds worth Rs 9,075 crore were absorbed at the repo rate of 4.5 per cent.
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