Financial Daily from THE HINDU group of publications
Wednesday, Apr 13, 2005
Financial Daily from THE HINDU group of publications Wednesday, Apr 13, 2005 |
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Money & Banking
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Forex Rupee edges lower; gilts listless Our Bureau
MUMBAI: The rupee market was dull on Tuesday, with the spot trading against the dollar in a narrow range between Rs 43.6950 and Rs 43.7050, in the absence of import-export booking, said dealers. The rupee ended at 43.72/73r, marginally lower than Monday's close of Rs 43.71/7150. The forward premia market too was almost unchanged from Monday's levels, with the six-month premium closing at 1.71 per cent (1.71 per cent) and the 12-month premium closing at 1.44 per cent (1.47 per cent). There was not much movement in the bond market either, as dealers were cautious ahead of a possible RBI auction next week. Trading was dull also because of the expected US trade deficit figures. The figures are much awaited, as they are an indication of the US economy's performance and also of where its interest rates are headed. This will, in turn, give a signal to the direction of interest rates in India. The 7.38 per cent 10-year benchmark 2015 government paper closed at Rs 102.74/75 (6.99 per cent YTM) against Monday's close of Rs 102.75/85 (7.01 per cent YTM). A new stock that was traded on Tuesday was the 6.85 per cent 7-year 2012 paper, which opened at Rs 99.65 and closed at Rs 99.80. "Buying support came from a mix of banks and primary dealers. LIC was also active in some papers, but not in the 10-year benchmark,'' a dealer said. There was also some buying in T-bills, he added. Call rates were in a narrow band between 4.70 and 4.80 per cent. The CBLO market saw 155 trades aggregating Rs 6,294.80 crore in the 4.46-4.80 per cent range. In the one-day reverse repo under the liquidity adjustment facility, the RBI received and accepted 40 bids amounting to Rs 33,205 crore.
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