Friday, October 25, 2013

Rupee trading weak at 61.54/dollar





MUMBAI, OCT 25:

The rupee was trading weak by 7 paise at 61.54 against the dollar at 3.05 p.m. local time due to strengthening of the dollar against other currencies overseas and increased demand for dollar from banks and importers.



The rupee opened a tad weak at 61.50 per dollar against the previous close of 61.47.



On Thursday, the domestic unit strengthened due to dollar selling by banks and exporters and a weak American currency. Mild foreign capital inflows also boosted the rupee against the dollar, said a forex dealer.



In addition, weak US jobs and trade data on Wednesday continued to weigh on the dollar, thereby lifting the rupee.



"Overall, the rupee is moving in a narrow range. There were not much flows and the market is waiting for cues from the central bank on the policy day on October 29," said N.S. Venkatesh, Head-Treasury, IDBI Bank.



The market is expecting the RBI to hike the repo rate (rate at which banks borrow short-term funds from the RBI) and cut the marginal standing facility rate, each by 25 basis points.



Call rates, bond yields



The 10-year benchmark 7.16 per cent government security, maturing in 2023, opened higher at Rs 90.85 from the previous close of Rs 90.82, while the yield remained flat from the previous close of 8.58 per cent. Bond prices and yields move in opposite directions.



The overnight call money rate opened higher at 9.05 per cent from its previous close of 8.95 per cent. During the course of trading, it moved in the 8.90-9.05 per cent range.
News From: http://www.7StarNews.com

No comments:

 
eXTReMe Tracker