Financial Daily from THE HINDU group of publications
Tuesday, May 25, 2004
Financial Daily from THE HINDU group of publications Tuesday, May 25, 2004 |
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Money & Banking
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Forex Rupee loses 5 paise; gilts range-bound Our Bureau
MUMBAI:The rupee closed at 45.32/33 per dollar on Monday, weaker by about 5 paise as compared with Friday's close of 45.28. Dealers said that there was hardly any supply of dollars in the market. Around these levels, foreign banks were buying to meet the demand for greenbacks from corporate clients while other players were squaring up positions. PSU banks bought dollars in spot acting on behalf of the RBI. Though rupee shot at the start of the day to touch 45.29/31, for most of the day it traded in 30 to 40 paise range. The forwards market continued to remain in discount with rupee forwards more or less steady at their previous rate. The six-month forward closed at - 0.70 per cent (-0.70 per cent), and the one-year forward closed at - 0.35 per cent (- 0.33 per cent). Range-bound movement characterised the gilts market. It opened on a firm note, but profit taking pushed securities to close lower than Friday's levels. The 8.07 per cent 2017 paper opened at Rs. 123.45, fell to as low as Rs.123.23, and was trading at about Rs 123.27/31. The 7.46 per cent 2017 paper opened at Rs 118.35, went as low as Rs 118.15 and closed at Rs.118.19/23. The 7.37 per cent 2014 paper opened at Rs.116.85, moved to Rs 116.77, and traded lower at 116.80/83. The call rates remained steady at 4.25-4.50 per cent levels. In the seven-day repo under the LAF, the RBI received and accepted 49 bids amounting to Rs 24,030 crore at the rate of 4.50 per cent.
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