Financial Daily from THE HINDU group of publications
Tuesday, Aug 09, 2005
Financial Daily from THE HINDU group of publications Tuesday, Aug 09, 2005 |
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Money & Banking
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Forex Rupee weak; gilts bearish Our Bureau
MUMBAI: The rupee declined marginally against the dollar, as crude prices touched record highs. However, good dollar supply helped offset the fall of the rupee, said dealers.
The rupee traded in a narrow three paise range. It opened at 43.52/53 and ended trade at 43.55, against Friday's 43.52/53. A dealer with a private bank said the dollar supply was good, but oil companies mopped up the inflows, keeping the rupee range-bound. There was cash-dollar shortage in the forward premia, said dealers. The 12-month premia closed at 0.79 per cent (0.85 per cent) and the 6-month premia ended at 0.77 per cent (0.86 per cent). In the bond market, prices rose by 10-15 paise in the earlier half of the day on buying support. However, they fell towards the close on account of a rise in the US bond yields from 4.39 per cent to 4.41 per cent YTM. The 10.25-16 year-2021 paper, which is currently most active, opened at Rs 125.17 (7.5 per cent YTM), touched an intra-day high of Rs 125.55 and closed at Rs 125.23 (7.49 per cent YTM). The 7.37-9 year-2014 paper opened at Rs 102.80 (6.93 per cent YTM) and closed at Rs 102.69 (6.95 per cent YTM). The 7.38-10 year-2015 benchmark paper was dealt at Rs 102.60 (7.01 per cent YTM), down from Friday's Rs 103 (6.96 per cent YTM). The call rates closed at 4.75-5 per cent. In the one-day reverse repo auction, the RBI received and accepted 48 bids amounting to Rs 31,295 crore. In the CBLO market, there were 266 trades for Rs 11,997.75 crore in the rate range of 3.25-4.95 per cent.
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