Financial Daily from THE HINDU group of publications
Tuesday, Mar 09, 2004
Financial Daily from THE HINDU group of publications Tuesday, Mar 09, 2004 |
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Money & Banking
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Forex Rupee up 5 paise; securities rise Our Bureau
MUMBAI: The rupee on Monday closed at 45.2400/2450, five paise higher than the previous close of 45.2975 in its value against the dollar. There were good dollar supplies, most of which were absorbed by the Reserve Bank of India. There was hardly any corporate demand for the greenback, said a dealer in a private bank. The rupee touched an intra-day high of 45.23 and an intra-day low of 45.28. In the forwards market, premiums were almost unchanged from earlier levels. The six months forward closed at 0.36 per cent (0.36 per cent) and the one-year closed at 0.44 per cent (0.45 per cent). The g-sec market was enlivened with the news of direct tax collections increasing by over 20 per cent. This would indicate a lower fiscal deficit. There is optimism in the debt markets after days of dull trading. A rally might kick in before the financial year is out given the buying interest in the market, said a dealer in a bond house. Prices moved up a tad and volumes were at Rs 4,000 crore, up from the Rs 2,000-2,500 crore. The 7.40 per cent 2012 paper closed at Rs 114.52/55 and the 8.07 per cent 2017 paper closed at Rs 122.55/60. Funds worth Rs 48,000 crore were accepted through the one-day repo while bids worth over Rs 7,000 crore accepted through the 14-day repo by the central bank.
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