Financial Daily from THE HINDU group of publications
Saturday, Jul 30, 2005
Financial Daily from THE HINDU group of publications Saturday, Jul 30, 2005 |
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Money & Banking
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Forex Rupee steady Our Bureau
MUMBAI: The rupee was steady against the dollar with supply matching demand, said dealers. There was month-end demand from oil companies and from nationalised banks. The rupee opened at 43.45/47, touched a low of 43.52/53 and ended at 43.48/49On Tuesday, the domestic currency closed at 43.4650. The rupee moved in the range of 43.48-43.50, said dealers. The Chinese yuan appreciated a bit, which also helped the rupee. There was no forex and money market trading on Wednesday and Thursday. In the forward premia market, the 12-month premium closed at 1.05 per cent (1.02 per cent) and the 6-month closed at 1.1 per cent (1.03 per cent). Securities weak: Bond prices opened at almost the same level as Tuesday's close and went up because of buying. However, the sell off started post-inflation data, when State-run banks began selling. This led to rise in bond yields. The 7.37 9-year 2014, which was the most active paper on Friday, opened at Rs 103.15 (6.88 per cent YTM), reached a high of Rs 103.45 (6.94 per cent YTM) and closed at Rs 103 (6.90 per cent YTM). The 7.38 per cent 10-year benchmark paper opened at Rs 103.20 (6.93 per cent YTM) and closed at Rs 102.95 (6.96 per cent YTM), up from Tuesday's level of Rs 102.50 (7.02 per cent YTM). The 7.55 5-year 2010 bond opened at Rs 103.83 (6.60 per cent YTM) and closed at Rs 103.94 (6.57 per cent YTM). The call rates were between 4.75-5 per cent (5.05 per cent), though it eased a bit and was even dealt at 2.5 and 3.5 per cent, said dealers. In the three-day reverse repo auction, under the Liquidity Adjustment Facility, RBI received and accepted 35 bids aggregating Rs 18,895 crore. The CBLO market saw 225 trades being put through in the rate range of 1.01 to 5.10 per cent, amounting to Rs 10,636.90 crore.
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