Financial Daily from THE HINDU group of publications
Wednesday, Feb 23, 2005
Financial Daily from THE HINDU group of publications Wednesday, Feb 23, 2005 |
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Money & Banking
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Forex Rupee moves up; bonds shed gains Our Bureau
MUMBAI: The rupee continued its firm trend and ended stronger against the dollar on heavy exporter sales of the US currency. The rupee opened with a gap at 43.74/75 against the dollar and edged up further to 43.68/69, before closing at 43.75/76. Dealers said the dollar weakened overnight leading to a sell-off in the morning session here. In the Australian and Japanese trade too the dollar trade had weakened, a dealer said. The rupee had ended previously at 43.79/80. The dealer also said that selling from Indian exporters would likely continue, as they find these levels attractive. On the other hand, the forward premiums moved down. The six-month premium ended at 1.45 per cent, against Monday's 1.73 per cent and the 12-month premium finished at 1.31 per cent (1.46 per cent). The premiums are likely to go down due to worries of cash dollar shortage, the dealer added. The 10-year benchmark paper opened at 6.51 per cent against Monday's close of 6.50 per cent and edged down to 6.48 per cent before finishing unchanged. A dealer at a private brokerage said that initially there was some buying, but then there was selling pressure. The difference between the opening and closing was only 5 paise, the dealer said. The call rates were steady at 4.70/4.80 levels. There was good liquidity with Rs 21,535 crore being put through Liquidity Adjustment Facility, said a dealer. In the CBLO market, 145 trades aggregating Rs 7.407 crore was put through in the rate range of 4.46 per cent. - - Our Bureau
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