Financial Daily from THE HINDU group of publications
Wednesday, Jan 08, 2003
Financial Daily from THE HINDU group of publications Wednesday, Jan 08, 2003 |
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Money & Banking
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Forex Re firm; gilts range-bound Our Bureau
Mumbai: THE rupee ended on Tuesday at 47.9750/9800 against the dollar as compared to Monday's close of 47.9850/9950 in the forex market. The inflows of the dollar was heavy today, however, all the inflows were mopped up by State-run banks at the behest of the RBI. "State-run banks kept buying dollars and made the rupee as weak as 48.0150 against the greenback. They sucked away as much as $45 million at these levels,'' said a forex dealer in a private sector bank. The rupee opened at Monday's close of 47.9850/9950, touched an intra-day high of 47.9750 and an intra-day low of 48.0150 against the dollar. In the forwards market, the premiums were seen easing marginally, with the six months premium closing at 3.48 per cent (3.50 per cent) and the one-year at 3.10 per cent (3.13 per cent). G-sec prices were moving up only marginally by 10-30 paise across maturities on account of fears of an open market operation being announced by the Central bank to suck away the liquidity and thereby, arrest the on-going rally. The ten-year benchmark opened at Rs 109.85/90, went as high as Rs 109.98 with a yield of 5.99 per cent. On the longer-end, the 8.07 per cent 2017 paper opened at Rs 118.10/20 and went as high as Rs 118.35 to close lower at Rs 118.20/24 with a yield of 6.1150 per cent. "Prices were range-bound due to rounds of profit- booking and fear of an OMO,'' said a debt market dealer in a primary dealer. In the inter-bank call money market, the call rates were soft closing at 5.45 per cent. In the one-day repo auction, the RBI received 24 bids worth Rs 9,195 crore, all of which was accepted at the repo rate of 5.50 per cent.
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