Financial Daily from THE HINDU group of publications
Saturday, May 28, 2005
Financial Daily from THE HINDU group of publications Saturday, May 28, 2005 |
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Money & Banking
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Forex Rupee range-bound; bond market listless Our Bureau
MUMBAI: The rupee was largely range-bound on Friday and closed a shade lower against the dollar at 43.53/54 against the previous close of 43.52/53. According to dealers, the fall in inflation figures to 5.55 per cent this week from 5.61 per cent last week was too marginal to have a positive impact on the rupee. The impact of the Infosys ADS will be felt only next week. In the forward premia market, the 12-month premium closed at 1.21 per cent (1.18 per cent), while the 6-month premium closed at 1.31 per cent (1.26 per cent). The bond market was dull and the prices moved in a narrow 10 paise range, as there was no positive trigger, said dealers. The 7.38-10 year-2015 benchmark paper closed at Rs 103 (6.95/96 per cent YTM), almost unchanged from Thursday's close of Rs 103 (6.96 per cent YTM). The 8.07-12 year-2015 paper closed at Rs 107.72 (7.08 per cent YTM), slightly higher than its earlier close of Rs 107.65/70 (7.09 YTM). Oil price, which once again touched $51 per barrel, too is keeping pressure on the bond yields, as are the US yields, which are rising, said the dealer. The volumes in the T-Bills and G-Secs were lower than that in the last two days. On Friday, the volumes stood at Rs 2,400 crore, against volumes of Rs 3,500 to Rs 4000 crore traded in the last two sessions. Call rates were between 5.05-5.10 per cent (3.75-4.00 per cent). In the one-day reverse repo auction under the Liquidity Adjustment Facility, RBI received and accepted 54 bids, amounting to Rs 33,120 crore. The CBLO market saw 199 trades being put through in the rate range of 4.00 per cent to 5.25 per cent, aggregating Rs 5,083.30 crore.
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