Financial Daily from THE HINDU group of publications
Thursday, Nov 10, 2005
Financial Daily from THE HINDU group of publications Thursday, Nov 10, 2005 |
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Money & Banking
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Forex Rupee weak; bonds firm up Our Bureau
MUMBAI: The rupee ended a shade lower against the dollar on Wednesday. The domestic currency closed at 45.80 against the previous close of 45.79. The rupee opened at 45.72/74. Dollar demand from corporates at the level of 45.73/75 pushed the rupee down to 45.86. At this level, dollar selling by exporters and general inter-bank selling helped the home currency recover to close higher. The statement by the Finance Minister, Mr P. Chidambaram, that the rupee's movement is orderly and therefore not a reason to worry also helped the recovery, said a dealer with a private bank. There was not much movement in the forward premia market. The 6-month premium closed at 0.49 per cent (0.46 per cent) and the 12-month premium ended at 0.45 per cent (0.43 per cent). Bond prices opened about 10-15 paise lower because the call rates went up to 6.25 per cent and was also dealt at 6.5 per cent. However, bonds recovered to close about 5-10 paise higher than yesterday's close. Call rates moved up as liquidity tightened. The call rate closed at 6.20/40 per cent (5.80/90 per cent). A dealer with a private bank said the bond market saw good volumes. The most active stock was the 7.49 per cent 12-year 2017 paper, which opened at Rs 101.2 (7.33 per cent) and closed at Rs 101.38 (7.31 per cent). The 7.37 per cent-9 year-2014 paper opened at Rs 102.25 (7.01 per cent), touched a low of Rs 102.11 and ended trade at Rs 102.35 (7 per cent), up from the earlier close of Rs 102.26 (7.01 per cent YTM). The 10.25 per cent-16 year-2021 paper opened at Rs 125 (7.49 per cent) and closed at Rs 125.25 (7.47 per cent YTM) higher than the previous close of Rs 125.15 (7.48 per cent YTM). In the one-day reverse repo, under the LAF, the RBI received and accepted eight bids amounting to Rs 3,345 crore and in the one-day repo auction RBI received and accepted one bid amounting to Rs 200 crore. In the CBLO market, there were 327 trades for Rs 10,209.05 crore in the rate range of 6-6.406 per cent.
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