Financial Daily from THE HINDU group of publications
Saturday, May 14, 2005
Financial Daily from THE HINDU group of publications Saturday, May 14, 2005 |
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Money & Banking
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Forex Rupee tad weaker; bond prices up Our Bureau
MUMBAI: The rupee weakened marginally against the US dollar in the forex market on Friday. The dollar continued its gains on strong retail sales and overseas support. On Friday the rupee closed trade at 43.42/43, lower than Thursday's close of 43.37. The Indian currency touched an intra-day high of 43.3805 and a low of 43.45. Dealers said the inflation figures, which were lower at 5.67 per cent, against the previous week's figures of 5.91 per cent and the drop in oil prices to $48 to a barrel supported the rupee from declining sharply. The forward dollar premia opened higher, but exporters' receiving interest pulled it down, said a dealer. The 6-month premia was at 1.5 per cent and the 12-month at 1.3 per cent. Bond prices moved up after news that the coupon for the state loan auction, scheduled for May 17, has been fixed at 7.7 per cent. This is an attractive pricing for the 10-year paper, said dealers. The lower inflation figures and oil prices also helped buoy up the bond market. The 7.38 per cent 10-year 2015-benchmark paper ended at Rs 101.48 (7.17 per cent YTM) against Thursday's close of Rs 101.20/25 (7.20 YTM). The 7.55 5-year 2010 paper was at Rs 103.15/20 (6.80 per cent YTM) as against Thursday's close of Rs 102.95 (6.84 per cent YTM). The 8.07 12-year 2017 closed at Rs 104.45/50 (7.36 per cent YTM) against Thursday's close of Rs 105.02. Call rate closed at 5.05 per cent (4.95 per- 5 per cent). In the one-day reverse repo under the liquidity adjustment facility, the RBI received and accepted 28 bids, amounting to Rs 11,840 crore. The CBLO market saw 189 trades amounting to Rs 7080.70 crore, in the rate range of 4.50 to 5.07 per cent.
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