Rupee gains
Mumbai: The rupee gained on positive inflows and a upbeat equity market on Monday. The rupee opened at 44.40/41 and touched a low of 44.45 before closing at 44.40/41, against 44.45 on Friday. There was good dollar supply around 44.45/50 levels.

Forwards: The forward premia were steady, with the one year closing at 2.05 per cent and the six-month closing at 2.57 per cent.

Bonds: In the bond market, while traded volumes were low and sentiment was bearish prices rose after 3 p.m and traders said that RBI may have intervened and purchased securities in the market.

G-Secs: The 8.07 per cent-11 year-2017 paper opened at Rs104.95 (7.39 per cent YTM) and closed at Rs105.04 (7.38 per cent YTM). The 9.39 per cent-5 year-2011 paper opened at Rs109.35 (7.22 per cent YTM) and ended at Rs109.40 (7.21 per cent YTM).

Call rates: The call rate closed at 7.25 per cent (5.80-6 per cent).

Repo auction: In the one-day reverse repo, under the liquidity adjustment facility, the RBI accepted one bid amounting to Rs140 crore and 23 bids for Rs15,090 crore through the repo window. In the second auction, the RBI received two bids for Rs140 crore through the reverse-repo and 17 bids for Rs7,395 crore in the repo.

CBLO: The CBLO market saw 329 trades, aggregating Rs 18,991.5 crore in the rate range of 6.49 to 6.60.
Back to News Review index page  

SBI to securitise 25-30 per cent of assets
Mumbai: The State Bank of India (SBI) expects to securitise about 25-30 per cent of its total assets in a few years to supplement its income and is preparing to bring a subordinated debt issue of Rs3,000-Rs4,000 crore in July-September quarter to address the robust credit growth.

Securitisation is a financial technique that pools assets together and in effect turns them into a tradable security. Financial institutions and businesses of all kinds use securitisation to immediately realize the value of a cash-producing asset.

Globally, securitisation accounts for 25-30 per cent of total assets.
Back to News Review index page  

Full float in few days: Chidambaram
New Delhi: Finance minister P Chidambaram said the government and the RBI would soon announce steps on capital account convertibility of the Indian currency.

Full float of the rupee would facilitate conversion of the Indian currency into foreign currency and vice versa — a move that would help attract greater investments. At present, the rupee is convertible on current account, basically for trade purposes.

Chidambaram said the Finance Ministry and the RBI had held discussions on capital account convertibility of the rupee and the issue could have been part of the Budget 2006-07.
Back to News Review index page  

SBI unions calls strike from April 3
Kolkata: State Bank of India staff and officers associations on Monday have jointly called a nationwide indefinite strike from April 3 in support of their demands.

The SBI Staff Association announced it would hold a separate token strike on March 28.SBI Staff Association general secretary Ashok Datta said, "We have called an indefinite strike from April 3 till our demands are met," he said.
Back to News Review index page