Financial Daily from THE HINDU group of publications
Friday, Feb 18, 2005
Financial Daily from THE HINDU group of publications Friday, Feb 18, 2005 |
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Money & Banking
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Forex Rupee tad weaker; g-secs lacklustre Our Bureau
MUMBAI: The rupee closed a shade weaker on Thursday on sustained dollar buying by the public sector banks. The Indian unit finished the day at 43.80/81 levels, about five paise weaker than Wednesday's closing levels of 43.75. The rupee opened flat and firmed to 43.71 levels early in the session. The banks then entered the market and bought up the dollar at regular intervals right up to the close. The rupee's initial firmness was put down to the FII inflows in the market. According to a dealer with a private sector bank, the rupee was likely to be capped at these levels, especially with the Asian currencies showing a weak trend versus the dollar over the past week. The forwards came off towards the close on some profit-taking. The six-month forward closed at 1.69 per cent (1.70 per cent) and the 12-month at 1.46 per cent (1.45 per cent). The debt market was flat without many market-moving factors. The benchmark 7.38 per cent paper closed at 6.51 per cent as against its previous finish of 6.53 per cent. The Federal Reserve Chairman, Mr Alan Greenspan's speech and reports of a probable reduction in small savings interest rates were seen as negative for the market, which was balanced by ample liquidity in the market. The call money market closed flat at 4.70-4.75 per cent levels. In the CBLO market, 138 trades aggregating Rs 4,379.70 crore was put through in the rate range of 3-4.8 per cent.
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