Financial Daily from THE HINDU group of publications
Tuesday, Aug 24, 2004
Financial Daily from THE HINDU group of publications Tuesday, Aug 24, 2004 |
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Money & Banking
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Govt Bonds Securities rally; rupee firms up Our Bureau
MUMBAI: Bond prices rallied by over a rupee and a half on account of strong buying support from all quarters, dealers said. They said the price gain for G-Secs was the highest in about 10 months. Prices rose on back of improved sentiment as market participants expect inflation to come down from peak levels reached at 7.96 per cent last Friday. The revision of outlook on long-term foreign currency rating for India to `positive' from `stable' by Standard &Poor's also helped improve the market sentiment. The 10-year benchmark 7.37 per cent 2014 paper surged about Rs 1.30 to close at Rs 107.35 as its yield dipped sharply by 17 basis points to end at 6.34 per cent. The 11-year benchmark 7.38 per cent 2015 paper rose by Rs 1.50 as it closed at Rs 107.45. Call rates were in the range of 4.20-4.50 per cent. Under the LAF window, the RBI received and accepted 15 bids worth Rs 7,000 crore in the 7-day repo, 39 bids worth Rs 17,855 crore in the one-day repo, and 4 bids worth Rs 1,755 crore in the 14-day repo. In the CBLO market, 97 trades were carried out worth Rs 3,332.60 crore. The domestic currency closed firmer at 46.26/27 on Monday as against the previous close of 46.32/33. The rupee touched a high of 46.23 during the day. The forwards market saw the premia moving up. The six-month forward closed at 2.70 per cent while the twelve-month forward closed at 2.29 per cent.
More Stories on : Govt Bonds | Forex
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