Financial Daily from THE HINDU group of publications
Tuesday, Jun 07, 2005
Financial Daily from THE HINDU group of publications Tuesday, Jun 07, 2005 |
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Money & Banking
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Forex Rupee tad higher; securities decline Our Bureau
MUMBAI: The rupee gained on FII inflows on Monday, with the currency moving in a 3-4 paise range, said dealers. It ended trade at 43.57/58, up from Friday's close of 43.67. Trading in the spot rupee market was dull, as there was no major development, a dealer added. The outlook for the rupee is bullish. The Infosys ADR funds have probably made their way into the country on Thursday or Friday, the dealer said. The forward premia market opened higher but closed lower. The 12-month premium closed at 1.10 per cent (1.12 per cent), while the 6-month premium ended at 1.10 per cent (1.13 per cent). In the bond market, prices rose by 10 paise but later moved down as the cut-off prices of the bonds for the Rs 10,000-crore Government auction were below expectations. A dealer at a private bank said, "the cut-off price of Rs 103 for the 7.37 bond maturing in 2014 was below the market expectation of Rs 103.15/20. Short term traders began pruning their positions after the announcement." The price of crude, which is trading above $55 a barrel, would remain a matter for concern, said dealers. The 6.85-7 year-2012 paper was the most active. It opened at Rs 100.20 (6.81 per cent YTM), rose to Rs 100.37 (6.78 per cent YTM) and closed lower at Rs 100.15/17 (6.82 per cent YTM). The 7.37-9 year-2014 paper, which was auctioned closed at Rs 103.05 (6.90 per cent YTM). Call rates remained stable at 4.90-5 per cent. In the one-day reverse repo, under the liquidity adjustment facility, the RBI received and accepted 44 bids amounting to Rs 27,345 crore. The CBLO market saw 183 trades, aggregating Rs 6,298.35 crore in the rate range of 4.75 to 5.05.
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