Financial Daily from THE HINDU group of publications
Friday, Apr 09, 2004
Financial Daily from THE HINDU group of publications Friday, Apr 09, 2004 |
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Money & Banking
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Forex Rupee down 7 paise; securities gain Our Bureau
MUMBAI: The rupee closed lower by seven paise on Thursday at 43.6250/6350 per dollar. On Wednesday, the domestic currency had closed at 43.5450. After opening at 43.50/52, the rupee slipped mainly on account of corporate demand for the greenback, coupled with some amount of intervention from the Reserve Bank of India, in the form of State-run banks absorbing excess dollars, dealers said. However, the spate of dollar inflows into the system swept the rupee up to a high of 43.49 before it started slipping to end at its closing levels. In the forwards market, the premia ended marginally softer with the six-month premium ending at 0.50 per cent and the premium for one-year closing at 0.40 per cent (0.44 per cent). Bond prices were up by around 10-30 paise across maturities in expectation of lower inflation figures and good liquidity despite auction outflows. G-secs market saw volumes worth around Rs 10,000 crore on Thursday, as against Rs 5,000-7,000 crore in the past few days. "Although there were outflows of around Rs 5,000 crore in the market, there is still a sizeable amount of rupee liquidity in the system and the market is comfortable," said a dealer. The 7.37 per cent 2014 paper opened at Rs 117.48/50 and got dealt at Rs 117.56/59. The 8.07 per cent 2017 paper opened at Rs 124.70/75 and got traded up to Rs 124.95/125. Call rates remained at 4.25 per cent level. Meanwhile, the RBI did not receive any bid in the four-day fixed rate reverse repo auction, under LAF.
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