Financial Daily from THE HINDU group of publications
Saturday, Jan 29, 2005
Financial Daily from THE HINDU group of publications Saturday, Jan 29, 2005 |
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Money & Banking
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Forex Rupee firms up; securities rise Our Bureau
MUMBAI: The rupee closed stronger at 43.72-43.725 against the dollar on Friday, helped up by the firming up of the stock market. It had finished the previous session at 43.79/80 levels. The intra-day low for the domestic currency was 43.80/43.81. The likely revaluation of the Chinese yuan against the dollar next week is also seen positive for the rupee, dealers said. The forwards market remained quiet except for the last one hour, when there was action seen in the near-term papers. While some players were looking to book profits, there was some receiving interest in the near-term forwards towards the close. "The market saw a lot of action in the near-term counters as players preferred to avoid the risk associated with the longer-term forwards," said a dealer with a private bank here. The six-month forward closed at 2.29 per cent (2.35 per cent) and the 12-month forward at 1.89 per cent (1.93 per cent). The debt market was mildly upbeat on news of a slight easing of the inflation rate and the adequate liquidity in the market. Buoyed by the absence of any negative news, the benchmark 7.38 per cent paper moved up by 15-20 paise to close at 6.70 per cent, as against the previous close of 6.76 per cent. In the inter-bank money market, the call rates closed at 4.70-4.80 per cent in an easy market with not much pressure on money. In the CBLO market, 149 trades accounting for a volume of Rs 4,973.55 crore were put in at 4.50-4.75 per cent levels.
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