Financial Daily from THE HINDU group of publications
Friday, Apr 08, 2005
Financial Daily from THE HINDU group of publications Friday, Apr 08, 2005 |
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Money & Banking
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Forex Rupee firmer; gilts plunge Our Bureau
MUMBAI: The rupee closed stronger at 43.7250/7350 against the dollar on Thursday buoyed by the dollar weakening overseas. The rupee had closed on Wednesday at 43.75/76. "With the announcement that foreign investment may be raised in State-run banks, there was speculation about increased FII inflows in the country. This caused the rupee's appreciation', said a dealer at a private bank. In the forward premia market, the 12-month premium closed at 1.48 per cent (1.48 per cent) and the 6-month premia closed at 1.76/83 (1.77 per cent). The bond prices crashed by 120 paise with chain selling by nationalised banks. The 10-year-7.38-per-cent 2015 benchmark paper closed at Rs 102.90 (6.98 per cent YTM) against Wednesday's close of Rs 104.1050(6.82 per cent YTM). It had opened at 104.10 (6.81 per cent YTM). The bond market was expected to fall as a reaction to the rising crude oil prices. The market also reacted to the news that the RBI may auction the 7.38 per cent 10-year 2015 bond, said Mr Pradip Chaterjee, Assistant Vice-President, Money Markets, Asit C. Mehta, Investment Intermediates. "Dealers said that the bond yields crossed seven during the day. The 7-year 6.85 per cent 2012 year paper closed 50 per cent lower. The CBLO market saw 177 trades aggregating Rs 7,063.05 crorein the rate range of 4.52 to 4.75 per cent. Call rates closed at 4.70/80 per cent. In the one-day reverse repo under the liquidity adjustment facility, the RBI received and accepted 37 bids amounting to Rs 25,220 crore.
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