Financial Daily from THE HINDU group of publications
Friday, Apr 29, 2005
Financial Daily from THE HINDU group of publications Friday, Apr 29, 2005 |
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Money & Banking
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Forex Rupee in range; bond prices fall Our Bureau
MUMBAI: The rupee was range-bound between 43.70 and 43.72 against the dollar on Thursday and remained largely lacklustre. It opened at 43.72/7250 and ended at 43.7050/7150, marginally weaker than Wednesday's close at 43.7250. Dealers said the expected month-end demand for dollars was not very high. The forward premia market saw a rise as the 12-month ended at 1.62/63 per cent (1.5 per cent) and the 6 month premium at 1.85 per cent (1.75 per cent). Dealers said that there was paying pressure on account of the hike in the reverse repo rate which is seen likely to push up rates in the long-term. Dealers said the data on the US GDP for the first quarter as well as Federal Open Market Committee (FOMC) meeting on May 3 was awaited. The bond market saw a fall of nearly a rupee in the prices and rise of almost15 basis points in the yield following a hike in the reverse repo rate by 25 basis points. Call rates rose to 5 per cent but settled at 4.75 per cent. In the one-day reverse repo, under the liquidity adjustment facility, RBI received and accepted 43 bids amounting to Rs 31,3175 crore. The CBLO market saw 179 trades aggregating Rs 7219.05 crore, in the rate-range of 4.45 - 4.85 per cent.
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