Financial Daily from THE HINDU group of publications
Wednesday, Aug 03, 2005
Financial Daily from THE HINDU group of publications Wednesday, Aug 03, 2005 |
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Money & Banking
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Forex Rupee drifts lower, bond prices rise Our Bureau
MUMBAI: The rupee fell against the dollar on Tuesday as there was sustained buying by oil companies. The rupee opened at 43.42 and ended trade at 43.53/54. "A number of oil companies were seen buying dollars in the market Today, the overall volumes were good after the disruption in the last 2-3 trading days," said a dealer with a State-run bank. The forward premia market also saw receiving interest. The 12-month premium was at 0.93 per cent and the 6-month premium was at 0.9 per cent. In the bond market, prices increased by 20-25 paise due to abundant liquidity and clarity on oil prices . On Monday, bond yields went up after oil prices rose following the death of Shah Fahd of Saudi Arabia. But when a statement that oil prices would be maintained was issued, prices opened higher on Tuesday, said a dealer with a private bank. The 7.27 8-year 2013 paper opened at Rs 102.50 and closed at Rs 102.54 (6.85 per cent YTM) against the earlier level of Rs 102.45 (6.87 per cent). The 10.25 16-year 2021 paper opened at Rs 126 (7.43 per cent YTM) and was dealt at Rs 125.40 (7.48 per cent YTM) against the previous close of Rs 126.08. The 7.38 10-year 2025-benchmark paper was dealt at Rs 102.90 (6.97 per cent). Call rates opened at 5 per cent and closed between 3-3.05 per cent. In the one-day reverse repo auction, the RBI received and accepted 55 bids amounting to Rs 44,605 crore. In the CBLO market, 249 trades were put through in the range of 2.26-4.10 per cent, for Rs 8,056.15 crore.
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