Financial Daily from THE HINDU group of publications
Thursday, Jul 01, 2004
Financial Daily from THE HINDU group of publications Thursday, Jul 01, 2004 |
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Money & Banking
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Forex Rupee tad higher; bonds lacklustre Our Bureau
MUMBAI: The rupee closed stronger by about four paise to end at 46.04/06 on Wednesday against its previous close of 46.08/10. The range of trading was about 25 paise with heavy corporate demand for dollars at 45.97 levels, which led the domestic currency to the day's low of 46.12, said dealers. The foreign banks were not active in the market. FIIs also are expected to stay away.It is expected that the rupee would be in a 15 paise range of 45.95 to 46.10 till the Budget. The forwards were steady though they opened lower. The six-month forward closed at 1.64 per cent (1.62 per cent) while the 12-month closed at 1.46 per cent (1.45 per cent). The bond market was lacklustre with low volumes of about Rs 800 crore. Prices moved about a 10-15 paise range through the day. The 7.38-per cent 2015 paper closed at Rs 111.30 after opening at Rs 111.20. The ten-year benchmark 7.37 per cent closed at Rs 111.20, a slip of about 10 paise from the opening levels of Rs 111.30. The market is eagerly awaiting the statement of the Federal Open Market Committee (FOMC), which will provide fresh direction to the pace of hike of the US Fed rates. Though a major public sector bank and some of the primary dealers were buying securities, it was not enough to push up the volumes. The market was somewhat depressed by the Treasury bill cut-off coming at 4.50 per cent, higher than the market expectation of 4.45 per cent. In the 91-day Treasury bill auction conducted, the amount raised was Rs 2,000 crore with the cut-off price at Rs 98.89.
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