Date:19/03/2004 URL: http://www.thehindubusinessline.com/2004/03/19/stories/2004031901711000.htm

Back Rupee steady; gilts listless

Our Bureau

MUMBAI: The domestic currency closed steady at 45.25 on Thursday in a lacklustre forex market, almost unchanged from Wednesday's closing levels at 45.2450.

Dealers said, after opening the day at 45.25 the rupee firmed up to 45.23 amid a good amount of dollar liquidity. State-run banks mopped up some greenbacks towards the end of the day and brought the rupee down a notch where it ended.

Meanwhile, in the forwards market, the six months premium closed at 0.46 per cent (0.44 per cent) and the one-year forward closed at 0.52 per cent (0.54 per cent).

Bond prices moved in a 15-17 paise band in some securities amid low volumes in the government securities market. The 7.49 per cent 2017 opened at Rs 118.12 and slipped to Rs 117.95 before climbing back to Rs 118 at closing. The 8.07 per cent 2017 opened at Rs 123.70 and got dealt to a low of Rs 123.65 before inching up to close at Rs 123.80.

Dealers said there was not much buying interest in the market at present, and securities prices were moving on stray deals.

Call rates hovered at around the 4.25-per cent levels in the inter-bank market.

Meanwhile, in the one-day repo under the LAF, RBI received and accepted 49 bids amounting to Rs 42,395 crore at the rate of 4.50 per cent.