Financial Daily from THE HINDU group of publications
Wednesday, Oct 05, 2005
Financial Daily from THE HINDU group of publications Wednesday, Oct 05, 2005 |
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Money & Banking
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Forex Rupee at 9-month low against dollar Our Bureau
MUMBAI: The rupee dipped to a nine-month low against the greenback on Tuesday due to heavy demand from importers and in tandem with the global fall of currencies against the dollar. The domestic currency opened at 44.11/12 and fell further to 44.13. It ended the day at 44.2150/2250, down from Monday's close at 44.13/14. The rupee had last seen such levels when it touched 44.3050 in December 2004. Mr R.V.S. Sridhar, Vice-President, Treasury, UTI Bank, said the strengthening of the dollar against other major currencies brought on importer-related demand for dollar. Dealers said that the rupee has now psychologically touched a low from which it could either depreciate to 44.60/80 or appreciate to 44 levels. Traders' buying in the spot market and paying in the forward market caused the premia to rise in the forward market. The six-month premium closed at 0.90 per cent (0.75 per cent) and the 12-month premium closed at 0.77 per cent (0.72 per cent). In the bond market, prices initially fell by 15-20 paise as a reaction to the announcement of the Rs 9,000-crore auction on Monday. However, they more than recovered before closing. The 7.37-9 year-2014 paper opened at Rs 101.75 (7.09 per cent YTM) and closed at Rs 101.91 (7.07 per cent YTM), slightly lower than Monday's Rs 101.93 (7.06 per cent YTM). The 10.25-16 year-2021 paper opened at Rs 124.98 (7.51 per cent YTM) and ended at Rs 125.10 (7.50 per cent YTM) down from Monday' close at Rs 125.22 (7.49 per cent YTM). The 7.38-10 year-2015 benchmark paper was dealt at Rs 101.90 (7.11 per cent YTM). The call rate closed at 5-5.10 per cent (5.10 per cent). In the one-day reverse repo auction, RBI received and accepted 35 bids amounting to Rs 23,215 crore. In the CBLO market, there were 232 trades for Rs 13,712.70 crore in the rate range of 4.80 to 5.10 per cent.
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