Rupee moves in range
Mumbai: The rupee moved in a range of 44.60-44.62 against the dollar during the day. The rupee opened at 44.61/62 and closed at 44.59/60, marginally higher than the previous close of 44.61/62. The forward premia were also fairly range bound with the one-year closing at 1.81 per (1.85 per cent) cent and the six-month closing at 2.01 per cent (2.05 per cent).

Bonds: In the bond market, sentiment was cautious ahead of the Rs 8,000-crore Government securities auction to be held between April 3 and 12. The volume traded was not more than Rs1,000 crore.

G-secs: The 9.39-per cent 5-year 2011 paper opened at Rs108.97 (7.296 per cent YTM) and closed at Rs109.04 (7.28 per cent YTM), higher than Friday's Rs108.96 (7.3 per cent YTM). The 8.07-per cent 11-year 2017 paper opened at Rs103.85 (7.54 per cent YTM) and ended at Rs103.70 (7.56 per cent YTM), lower than the previous close at Rs103.9 (7.53 per cent YTM).

Call rate: The call rate closed at 6 per cent (6.75-7 per cent).

Repo auction: In the one-day reverse repo, under the liquidity adjustment facility, RBI accepted one bid, amounting to Rs50 crore and 2 bids for Rs1,030 crore in the repo auction. In the second auction, the central bank accepted 19 bids for Rs9,860 crore through the reverse repo and one bid for Rs35 crore through the repo auction.

CLBO: The CBLO market saw 414 trades, aggregating to Rs19,775.7 crore in the rate range of 1-6.4 per cent.
Back to News Review index page  

SBI employees on nationwide indefinite strike
Mumbai: State Bank of India (SBI) employees went on a nationwide indefinite strike on Monday demanding hike in pension benefits. Bank unions said about 2.5 lakh employees, including officers, joined the strike in 9,000 branches after their talks with the chief labour commissioner in Delhi failed on April 1.

All India SBI Staff Federation is also participating in the strike. However, offices of seven associate banks of SBI remained open today.

All India State Bank Officers' Association General Secretary Shantha Raju said said the pension ceiling has been kept unchanged at Rs4,250 per month based on the salary structure of 1992 revision. Though salary was revised in 1997 and 2002, the pension ceiling had not been hiked.

All India SBI Staff Federation vice president V K Gupta said in Delhi that the hike in pension would require only Rs180 crore a year.
Back to News Review index page