Financial Daily from THE HINDU group of publications
Friday, Jul 15, 2005
Financial Daily from THE HINDU group of publications Friday, Jul 15, 2005 |
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Money & Banking
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Forex Rupee weakens; gilts tad higher Our Bureau
MUMBAI: The rupee marginally weakened against the dollar on Thursday. The domestic currency opened at 43.53/54 and moved to an intra-day high of 43.52. It ended the day at 43.53, down from Wednesday's close at 43.51. Dealers said the rupee remained largely lacklustre, as dollar inflows offset concerns about the price of crude, which was at $60.02. In the forward premia market, the 12-month closed at 1.32 per cent (1.35 per cent) and the 6-month ended at 1.48 per cent (1.51 per cent). Bond prices saw both upward and downward movement, as the market reacted positively and negatively to statements made by the RBI Governor, Dr Y.V. Reddy, said dealers. The market reacted positively when Dr Reddy said the liquidity position was comfortable. At the same time, his comment that global negatives were more than expected, was seen as an indication of a likely rate hike. The markets opened higher, but some profit booking pulled prices lower. However, towards the end of trade, prices recovered to close higher, as liquidity improved slightly. The 7.55 10-year 2010 paper opened at Rs 103.15/20 (6.77 per cent YTM), touched a intra-day high of Rs 103.25 (6.74 per cent YTM) and closed at Rs 103.19/23, up from Wednesday's level of Rs 103.15 (6.77 per cent YTM). The 7.27 8-year 2013 paper opened at Rs 100.80 (7.14 per cent), touched a high of Rs 100.98 (7.11 per cent YTM) and ended trade at Rs 100.88/93 (7.12 per cent YTM), higher than the earlier close of Rs 100.70/75 (7.1450 per cent YTM). Call rates closed between 4.95 per cent and 5.5 per cent (4.95 per cent). In the one-day reverse repo auction, under the Liquidity Adjustment Facility, the RBI received and accepted 18 bids amounting to Rs 7,985 crore.The CBLO market saw 204 trades being put through in the 5.10-5.15 per cent range, amounting to Rs 7,481.75 crore.
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