Financial Daily from THE HINDU group of publications
Tuesday, Feb 08, 2005
Financial Daily from THE HINDU group of publications Tuesday, Feb 08, 2005 |
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Money & Banking
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Forex Rupee slips; gilts up Our Bureau
MUMBAI: The rupee closed at 43.485-43.495 levels against the dollar on Monday, a tad firmer on its opening levels of 43.49 but weaker than its previous week's finish of 43.475. The rupee started the week on the back foot, with dollar displaying a firm tone versus the euro and the Japanese yen. "The rupee opened at 43.49 levels and dropped as low as 43.58, hit by the dollar's strength versus the euro and yen," said a dealer with a private bank here. However, FII inflows supported the rupee, which firmed up to 43.45 levels before commercial dollar-buying action saw it settle at 43.485-43.495 at close. The forwards tracked the spot market with the six-month forward closing firmer at 2.05 per cent as against its previous finish of 2.13 per cent. The 12-month forward closed flat at 1.75 per cent. It had opened at 1.70 per cent. Sentiment in the debt market was positive with foreign banks buying debt instruments. The market ended up by about 15 points, closing at 6.55 per cent levels as against their morning levels of 6.70 per cent, said a dealer in a public sector bank. The benchmark 7.38 per cent 10-year paper closed at 6.55 per cent as against last Friday's 6.73 per cent. There was adequate liquidity in the inter-bank money market, where the call rate was flat in the 4.60-4.80 per cent band. Liquidity conditions were comfortable with Rs 16,280 crore being put through in the reverse repo auction. In the CBLO market, 144 trades aggregating Rs 6,185.95 crore were put through in the rate range of 4.65-4.85 per cent.
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