Financial Daily from THE HINDU group of publications
Friday, Oct 28, 2005
Financial Daily from THE HINDU group of publications Friday, Oct 28, 2005 |
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Money & Banking
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Forex Rupee stays flat; bonds unchanged Our Bureau
MUMBAI: The spot rupee was flat against the dollar on Thursday as demand matched supplies. The domestic currency opened at 45.06/07 and traded in the range of 45-45.01 for a large part. Later in the day outflows from the stock market pulled the rupee slightly down and it ended trade at 45.08, against the earlier close of 45.06/07. The negatives for the rupee on Thursday were the weak stock market and month-end demand by corporates, while the positive factor was the overall global weakness of the dollar, said dealers. The forward premia market was stable, with the six-month closing at 0.47 per cent (0.5 per cent) and the one-year at 0.44 per cent (0.46 per cent). A dealer with a private bank said for the last eight to nine months, the rupee was trading in a range of 44.40-45.15/20. It has now shifted to a higher range of 44.50-45.50 at the broad end and a range of 44.80-45.20 at the narrow range. In the bond market, prices went up around 20 paise but closed at the same level due to profit-booking. A dealer at a private bank said the market, which had been bearish before the Credit Policy, was now seeing traders build up their position. The liquidity in the system was comfortable and there were no immediate uncertainties. The 7.37 per cent-9 year-2014 paper opened at Rs 102.59 (6.96 per cent YTM), touched an intra-day high of Rs 102.76 and closed at Rs 102.57 (6.96 per cent YTM). On Wednesday, it had ended at Rs 102.56 (6.96 per cent YTM), The 10.25-16 year-2021 paper opened at Rs 125.66 (7.44 per cent YTM), went up to Rs 125.93 but fell to close at Rs 125.62 (7.44 per cent YTM). The 7.38-10 year-2015 benchmark paper opened at Rs 102.10 (7.08 per cent YTM) and closed at Rs 102.17 (7.07 per cent YTM). The call rate closed at 5.25-5.3 per cent (5.25 per cent). In the one-day reverse repo, under the liquidity adjustment facility, the RBI received and accepted 40 bids amounting to Rs 26,510 crore. In the CBLO market, there were 282 trades for Rs 11,813.80 crore in the rate range of 4.90-5.25 per cent.
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