Financial Daily from THE HINDU group of publications
Friday, Nov 18, 2005
Financial Daily from THE HINDU group of publications Friday, Nov 18, 2005 |
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Money & Banking
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Forex Rupee edges up; bonds recover Our Bureau
MUMBAI: The rupee was marginally up against the US dollar on Thursday on rumours of a revaluation of the Chinese yuan and on a strong equity market. The Indian currency opened at 45.76 and closed at 45.74/75 against Wednesday's close of 45.77/78. During trade the rupee touched a high of 45.68. The chief of treasury with a private bank said inflows into the stock market kept the rupee strong. The forward permia market was quiet, with the six month closing unchanged at 0.5 per cent and the one-year premium at 0.43 per cent (0.45 per cent). In the bond market, prices fell initially but recovered during the day after the Rs 375-crore auction of the Andhra Pradesh Government paper. Dealers said liquidity crunch in the system was a concern in the bond market. However, good participation in the auction of the state paper improved sentiment in the market. The 7.49 per cent-12year-2017 paper opened at Rs 101.65 (7.27 per cent YTM) and closed at Rs 101.63 (7.27 per cent YTM), up from Wednesday's Rs 101.56 (7.28 per cent). The 7.37 per cent-9 year-2014 paper opened at Rs 102.52 (6.97 per cent YTM) and ended at Rs 102.54 (6.96 per cent YTM), higher than Wednesday's close at Rs 102.47 (6.07 per cent). The call rate ended at 6.10 per cent (6.30-40). In the one-day reverse repo, under the LAF, the RBI received and accepted four bids amounting to Rs 605 crore. In the one-day repo auction, the RBI received and accepted five bids amounting to Rs 2,500 crore. In the CBLO market, there were 298 trades for Rs 12,262.50 crore in the rate range of 5.90-6.50 per cent.
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