Financial Daily from THE HINDU group of publications
Wednesday, Mar 10, 2004
Financial Daily from THE HINDU group of publications Wednesday, Mar 10, 2004 |
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Money & Banking
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Forex Rupee a tad higher; gilts' volumes rise Our Bureau
MUMBAI: The rupee on Tuesday closed a tad higher at 45.2375, up from Monday's close of 45.2400/2450 in its value against the dollar. There were good dollar supplies by way of FIIs and exporters. However, towards the latter half, dollar buying was seen both by corporates and banks, which were running short positions, said a dealer in a private bank. The rupee touched an intra-day high of 45.21 after having opened at 45.2350/2450. In the forwards market, premiums' trading volumes were high with little movement in the premia. The six months forward closed at 0.35 per cent (0.36 per cent) and the one-year closed at 0.47 per cent (0.44 per cent). The g-sec market witnessed high volumes of trading with as much as Rs 5,000 crore, the highest in recent months. Volumes had touched Rs 4,000 crore on Monday. Buying interest is coming in from PSU banks and bond houses since these levels are good to buy at, said a dealer. The ten-year benchmark, the 7.37 per cent 2014 paper closed at Rs 116.65 with an yield of 5.22 per cent. Funds worth over Rs 50,000 crore were absorbed by the central bank through the repo window at the repo rate of 4.5 per cent.
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