12 june 2004

rupee down 9 paise
mumbai: the rupee closed at 45.1550/1650 against the dollar on friday, nine paise weaker than thursday's close of 45.0650/0750.

forwards market: the six-month forward closed higher by 12.50/14.50 paise at 0.60 per cent (0.46 per cent). the 12-month forward closed at 22/23 paise (0.52 per cent as against 0.45 per cent).

g-secs: the 8.07 per cent 2017 paper closed lower at rs 121.08/10 at ytm 5.70 per cent.

call rates: during the day touched 4.40-4.50 per cent and closed at 4 - 4.25 per cent.

rbi allows banks to raise long-term bonds
mumbai: the reserve bank of india has allowed banks to raise long-term bonds with a minimum maturity of five years to finance infrastructure projects. as per the guidelines issued, banks will be allowed to raise funds to the extent of their exposure of residual maturity of more than five years to the infrastructure sector.

it is intended that banks should have first provided assistance to such infrastructure projects before raising resources through bonds. the bonds may be issued through a public issue or private placement as per sebi norms. the bonds should be issued in plain vanilla form without call or put option and with a fixed or floating rate of interest.

federal bank: nri deposit rates revised
kochi: federal bank has revised its interest rates for nri fixed deposit accounts. according to a press release from the bank, fcnr pound sterling accounts with a three-year maturity will now command an interest rate of 5.34 per cent per annum.