Financial Daily from THE HINDU group of publications
Tuesday, Mar 08, 2005
Financial Daily from THE HINDU group of publications Tuesday, Mar 08, 2005 |
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Money & Banking
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Forex Rupee tad higher; securities dull Our Bureau
MUMBAI: The rupee on Monday closed against the dollar at 43.72, a shade higher than previous close of 43.74/75, on buying by State-run banks, dealers said. While trading in the morning session was dull, there was buying by state-run banks in the afternoon trade.
The rupee opened at 43.69.5/70.5 and went up to 43.67/68 in the half. However, after public sector banks started buying, the rupee fell to 43.73/73.5, before close. A dealer at a private bank said, "Lot of FII inflows are expected. So, RBI will continue to buy till March 31." In the forward premia market, the 12-month premium was between 1.55 per cent and 1.65 per cent, while the 6-month premium was between 1.3 per cent and 1.35 per cent. The bond market too was dull, with the 7.38 per cent 10-year benchmark paper closing at Rs 106.50 (6.35 per cent YTM), as against Friday's close of Rs 105.67 (6.62 per cent YTM). The 10-year benchmark paper had opened at Rs 106.55 (6.51 YTM). During the day, there was a movement of four basis points or between 20 and 25 paise, said a dealer with a private broking house. The dealer said, "The market is now waiting for the Credit Policy. And most PSBs have already booked profit, prior to the financial year-end. As the equity market is very active now, there is not much interest in the bond market." The inter-bank call rate was between 4.75 and 4.80 per cent. In the CBLO (Collaterised Borrowing and Lending Obligations) market, 139 trades, aggregating Rs 5280.05 crore were put through in the range of 4.5-4.95 per cent. In the one-day repo/reverse auctions, RBI received and accepted 44 bids worth Rs 24,930 crore.
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