Financial Daily from THE HINDU group of publications
Thursday, Aug 05, 2004
Financial Daily from THE HINDU group of publications Thursday, Aug 05, 2004 |
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Money & Banking
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Forex Rupee firms up; securities rise Our Bureau
MUMBAI: The rupee firmed up against the dollar on Wednesday. It closed at 46.3550/3650 against Tuesday's level of 46.39. The currency was range-bound within 46.35-46.40 with demand for dollars seeming to ease, said dealers. Dealers said the rupee might be under pressure due to rising oil prices, but the TCS IPO expected to bring in FII funds, which might work in favour of the domestic currency. The forwards moved up on account of technical factors, said dealers. The six-month forward closed at 2.55 per cent (2.40 per cent) while the twelve-month closed at 2.06 per cent (1.95 per cent). Bond prices moved up by over 50 paise across maturities. The sentiment improved on back of a senior Finance Ministry official's statement to the effect that ensuing borrowings of the Government for the first week of August would include both `fixed' and `floating' rate bonds. Activity in the G-Sec market picked up, as the floating rate bonds are perceived to have a lesser risk in a rising interest rate scenario, said a dealer. The yield on the 11-year benchmark 7.38 per cent 2015 paper, eased to 6.27 per cent from Tuesday's 6.35 per cent. The 10-year benchmark 7.37 per cent 2014 paper had its yield coming down by 8 basis points to 6.15 per cent from Tuesday's 6.23 per cent. Call rates were at 6.25 per cent. Meanwhile, under the LAF window, the RBI fully accepted 35 bids received worth Rs 8,395 crore.
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