Financial Daily from THE HINDU group of publications
Friday, Jun 03, 2005
Financial Daily from THE HINDU group of publications Friday, Jun 03, 2005 |
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Money & Banking
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Forex Rupee recovers; bond prices up Our Bureau
MUMBAI: The rupee recouped some of its losses against the dollar on Thursday. The domestic currency opened at 43.75/76, hit an intra-day high of 43.6650/6750, before finally closing the day at 43.68/69, up from Wednesday's close at 43.77/78. In the forward premia market, there was a rise with the six-month premium ending at 1.13 per cent (0.92/93 per cent) and the 12-month premium closing at 1.13 per cent (one per cent). In the bond market, there was an initial fall in the yields on the back of a fall in the US yields. The yield of the US-10 year benchmark paper had fallen from 4.07 per cent YTM to 3.89 per cent YTM on Wednesday. A dealer at a private bank said, "The rise of 10-20 paise in bond prices and the fall in the yields was capped by concern over rising crude prices which hovered at $54.28 per barrel." The concern over the impending auction in the past few days was dispelled by the announcement that the Rs 10,000-crore auction will take place on June 6. The 7.55 5-year 2010 paper opened at Rs 103.50/55 (6.71 per cent YTM), rose to Rs 103.60 (6.68 per cent YTM), before finally closing at Rs 103.55 (6.69 per cent YTM), up from Wednesday's Rs 103.45/47 (6.72 per cent YTM). The 8.07 12-year 2017 paper opened at Rs 108.10 (7.04 per cent YTM), went up to Rs 108.30 (7.01 per cent YTM), and finally closed at Rs 108.15 (7.03 per cent YTM), higher than Wednesday's Rs 108.05/10 (7.04 per cent YTM). The call rates remained unchanged at 4.95-5.05 per cent. In the one-day reverse repo, under the liquidity adjustment facility, the Reserve Bank of India (RBI) received and accepted 47 bids amounting to Rs 24,765 crore. The CBLO market saw 179 trades aggregating Rs 8,046.55 crore in the rate range of 4.72 to 5.00.
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