Rupee sheds 36 paise
Mumbai: The rupee ended at 44.07/08 against the dollar, 36 paise weaker than Tuesday's close at 43.71/73.

Forwards Market: The six month forward closed at 1.62 per cent (1.55 per cent) while the twelve-month forward closed at 1.22 per cent (1.10 per cent).

G-secs: Prices closed about 15 to 20 paise higher than previous levels. The benchmark 7.38 per cent 2015 paper ended at an yield of 6.71 per cent. The 7.55 per cent 2010 paper closed at 6.44 per cent.

Treasury bill auction: At the Rs2,000 crore 364-day, the cut-off yield was set at 5.65 per cent (5.65 per cent). At the Rs2,000-crore 91-day treasury bill auction, the cut-off yield was set at 5.15 per cent (5.15 per cent).

Call rates: In a range of 4.60-4.80 per cent.

CBLO market: 118 trades worth Rs4,781.55 crore were transacted in the rate range of 4.50-4.80 per cent.
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RBI `on-tap' sale closed for 19 states
Mumbai: The Reserve Bank of India has said that the Rs4,000-crore 'on-tap' sale of 7.32 per cent 10-year State Development Loan, 2014, closed in nineteen States.

The States, which received target amounts on Wednesday, are Andhra Pradesh, Arunachal Pradesh, Assam, Chhattisgarh, Goa, Gujarat, Haryana, Himachal Pradesh, Jharkhand, Karnataka, Madhya Pradesh, Maharashtra, Mizoram, Nagaland, Rajasthan, Sikkim, Tripura, Uttaranchal and West Bengal.

In respect of loans for the remaining four States, Bihar, Jammu & Kashmir, Orissa and Uttar Pradesh, the sale will be open on Thursday to collect the balance target amount.
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Canara Bank union criticizes merger proposal
Thiruvananthapuram: The Canara Bank Union has passed a resolution at its conference stating that internal mergers of public sector banks do not automatically add to strength beyond the total capital and reserve base of the merging entities.

The conference was concerned over the Union Finance Minister's suggestion that public sector banks should merge in order to bring about consolidation and help participating banks transform themselves into global entities.

The resolution states that mergers are just an excuse for initiating steps to contain the operating costs of the banks, which is being sought to be done through a drastic reduction in the workforce and through induction of technology.
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HDFC Bank hikes rates
Mumbai: HDFC Bank has raised deposit rates by 25 basis points to 50 basis points across different tenors. The new rates will be effective from December 10. The bank has also introduced a new maturity bucket of 5 to 8 years in its domestic term deposits scheme.

Lending rates across all retail loan products has also been hiked by 25-75 basis points. The bank said that the increase in interest rates were in line with the trends in the banking industry, and the current interest rate environment.
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