Financial Daily from THE HINDU group of publications
Saturday, May 21, 2005
Financial Daily from THE HINDU group of publications Saturday, May 21, 2005 |
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Money & Banking
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Forex Rupee in range; securities rally Our Bureau
MUMBAI: The rupee marginally appreciated against the dollar on Friday on supplies but was largely range-bound. It closed at 43.44/55 as there were corporate inflows in the market. The domestic currency had closed at 43.47/48 on Thursday. The forward premia market remained lacklustre as the six-month closed at 1.45 per cent (1.42) and the 12-month closed at 1.33 per cent (1.3).
In the bond market, prices rallied by 50-70 paise for the second consecutive day. A dealer at a private bank said that the inflation data at 5.61 per cent was lower than the expected 5.75 per cent. Dealers also said that the State loan redemption on Saturday would bring Rs 7,000 crore into the system. This could have added to the confidence in the market. The 7.38 - 10 year-2015 benchmark paper opened at Rs 102.40/50 (7.08 per cent YTM) and closed at Rs 102.80 (7 per cent YTM), up from Thursday's Rs 102.30 (7.06 per cent YTM). The 8.55-12 year-2017 paper opened at Rs 106.35 (7.25 per cent YTM), hit a high of Rs107.10 and closed at Rs 107(7.17 per cent), up from Thursday's close at Rs 106.43 (7.24 per cent YTM). The call rate closed at 5-5.10 per cent. In the one-day reverse repo, under the liquidity adjustment facility, the RBI received and accepted 32 bids amounting to Rs 14,285 crore. The CBLO market saw 159 trades, aggregating Rs 6,8140.80 crore, in the rate range of 4.86-5.10 per cent.
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