As bonds go up, Rupee loses
Mumbai: The domestic currency ended weaker by about four paise at 46.3050/3150 per dollar on Tuesday. The rupee had closed at 46.26/27 on Monday.
Forwards Market: The six-month forward closed at 2.68 per cent (2.70 per cent) while the twelve-month forward ended at 2.35 per cent (2.29 per cent).
G-Secs: Closed higher by nearly 70-80 paise. The 10-year benchmark 7.37 per cent 2014 paper rose 70 paise during the day to end at Rs.107.85 at a yield to maturity of 6.28 per cent. The 11-year benchmark 7.38 per cent 2015 paper finished at Rs.107.90.
Call rates: In the range of 3.50-4.50 per cent.
Back to News Review index page  

Strike affects banking operations
Mumbai: Banking operations throughout the country were hit today as public sector bank employees struck work demanding a wage revision. Cheque clearing, forex transactions and trading in government securities were affected.

According to an RBI spokesperson, 30 banks did not participate in the Mumbai clearing house operations. Normally, 112 banks participate in the operations. The value of cheques cleared dropped to Rs.1,400 crore from the average of Rs.8,900 crore on a normal working day.

Inter-bank high-value cheques cleared were merely 75 in number worth Rs.33 crore, against around 600 cheques worth Rs.960 crore on normal days. Number of instruments traded also plunged to 3,600 from 12,000. RTGC transactions were only 478 worth Rs.8,830 crore, against the normal daily average of 1,400 transactions worth Rs.11,000 crore.

According to the United Forum of Bank Unions (UFBU), the existing wage pact was concluded in 2000 and had expired in October 2002. The forum has been negotiating with Indian Banks' Association (IBA) since July 2, said a press release. The unions are demanding a 20 per cent rise in wages while IBA has agreed to a 9.5 per cent hike. Nine lakh employees, including officers participated in today's strike, the forum said.
Back to News Review index page  

StanChart launches Manhattan — a lifestyle credit card
Bangalore: The Standard Chartered Bank has launched 'Manhattan' — a global lifestyle credit card, which breaks away from the 'one size fits all' concept, to give users a wide choice. The bank said that With Manhattan will set lifestyle benchmarks and will soon be a way of life as customers demand more flexibility, customisation and their need to be heard. The product, successful in Hong Kong and Singapore, will target the ambitious, upwardly mobile Indian segment.
Back to News Review index page