Financial Daily from THE HINDU group of publications
Friday, May 13, 2005
Financial Daily from THE HINDU group of publications Friday, May 13, 2005 |
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Money & Banking
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Forex Rupee sheds gains; gilts trade in range Our Bureau
MUMBAI: As global currencies weakened against the dollar on strong US trade deficit figures, the rupee too lost Wednesday's gains. On Thursday, the rupee ended trade at 43.37 against the dollar, lower than Wednesday's close of 43.28/29. A forex dealer with a private bank said the rupee was likely to be range-bound between 43.25 and 43.45. According to the parameters used to calculate the real effective exchange rate, the rupee does seem over-valued. But as supplies are more than the demand, the position is comfortable. In the bond market, prices moved in a narrow range of 10 paise. The market players were cautious, as inflation figures are expected on Friday.But the bond prices went up a bit as oil prices fell a little below $50, said a primary dealer. The yields also came off a bit because of buying by investors, said a dealer with a private bank. The 7.38 10-year 2015-benchmark paper opened at Rs 101.30/35 (7.18 per cent YTM) and closed at Rs 101.20/25 (7.20 per cent YTM) against Wednesday's close of Rs 101.30/35. The 7.55 five-year 2010 paper, which is the most actively traded paper, ended unchanged at Rs 102.95 (6.84 per cent YTM) against Wednesday's close of Rs 102.95/97 (6.84 per cent YTM). On Thursday, the paper had opened at opened at Rs 102.99 and reached a high of Rs 103.10. The 8.07 12-year 2017 paper ended at Rs 105.02, as against Wednesday's close of Rs 104.97. Call rates were between 4.95 per cent and 5 per cent (4.95-5.05 per cent). The CBLO market saw 157 trades amounting to Rs 5650.95 crore in the rate range of 4.90 to 5.25 per cent. In the one-day reverse repo under the Liquidity Adjustment Facility, RBI received and accepted 29 bids amounting to Rs 16850 crore.
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