Financial Daily from THE HINDU group of publications
Friday, Jul 08, 2005
Financial Daily from THE HINDU group of publications Friday, Jul 08, 2005 |
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Money & Banking
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Forex Rupee weakens; bonds decline Our Bureau
MUMBAI: The rupee weakened against the dollar on worries about the rising price of crude and a fall in the domestic stock markets. The rupee opened at 43.62/63 and fell to an intra-day low of 43.68. It recovered to end at 43.64/65, weaker than Wednesday's close at 43.58/59. A dealer at a private bank said that the price of crude, which soared to $62 a barrel, caused demand for dollars from oil importers. In addition, the London blasts and a fall of 142 points in the BSE led to some worries about FII-related inflows. The forward premia market remained almost unchanged with the 12-month closing at 1.28 per cent and the 6-month ending at 1.46 per cent (1.45). In the bond market, prices opened 15 paise lower as the price of crude was a worry. A dealer at a private bank said that during the day, the prices fell further by 15 paise. The 7.27 - 8 year-2013 paper, which was recently auctioned, opened at Rs 101.25/29 (7.06 per cent YTM) and closed at Rs 101.13/17 (7.08 per cent YTM), down from Wednesday's Rs 101.38 (7.04 per cent). The 7.38 - 10 year - 2015 paper opened at Rs 101.80 (7.13 per cent YTM) and closed at Rs 101.60 (7.16 per cent YTM), lower than Wednesday's Rs 101.85 (7.12 per cent YTM). The call rate remained unchanged at 5 per cent. In the one-day reverse repo auction, under the liquidity adjustment facility, the RBI received and accepted 25 bids, amounting to Rs 13,875 crore. The CBLO market saw 196 trades being put through in the rate range of 4.97-5.30 per cent aggregating Rs 7,426.30 crore.
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