Rupee unchanged against dollar
Mumbai: The rupee continued unchanged against the US dollar. The rupee opened at 45.10/11 and moved in the 45.10-45.17 range. It ended trade at the same levels, almost unchanged from Wednesday's 45.09/10.

Forwards: The forward premia were range bound with the six-month premium closing at 1 per cent (1.09 per cent) and the one-year closing at 1.02 per cent 1.08 per cent).

Bond prices fell by about 30 paise from Wednesday's levels due to profit-booking as the RBI announced the auction of two government securities for Rs 6,000 crore and Rs 4,000 crore on April 25.

G-secs: The 9.39-5 year-2011 paper opened at Rs 110.43 (6.96 per cent YTM) and ended trade at Rs 110.31 (6.99 per cent YTM), lower from Tuesday's close of Rs 110.60 (6.92 per cent YTM). The 7.59 per cent-10-year-2016 paper opened at Rs 101.8 (7.33 per cent YTM) and closed at Rs 101.71 (7.34 per cent YTM). The 8.07 per cent-11 year-2017 paper opened at Rs 104.70 (7.42 per cent YTM) and closed at Rs 104.66 (7.43 per cent YTM) against the previous close of Rs 104.94 (7.39 per cent YTM).

Call rates: Call rates were unchanged at 5.5-5.6 per cent.

Repo auction: In the one-day reverse repo auction, under LAF, the RBI received and accepted 36 bids amounting to Rs 28,520 crore in the first auction and 31 bids for Rs 29,185 crore in the second. There were no repo bids.

CBLO: The CBLO market saw 335 trades, aggregating to Rs 23,275.55 crore in the rate range of 4.89-5 per cent.
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United Bank plans revamp
Kolkata: After the Union Government decided to write off United Bank of India's (UBI) accumulated loss of Rs 278.44 crore the bank has decided to revamp operations.

P.K. Gupta, CMD of the bank said the bulk of its loss had already been adjusted against profits earned in earlier years. Henceforth, the profits will become part of reserves, he said.

At one point, the bank's loss was as high as Rs 1,400 crore which had been brought down to the present level of Rs 278.44 crore by setting off against profits.
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BoI in pact with Exim Bank
Mumbai: Bank of India (BoI) and Exim Bank have agreed to assist each other in areas of common business interest. M. Balachandran, CMD, BoI and T.C. Venkat Subramanian, CMD, Exim Bank have signed a memorandum of cooperation to collaborate on a non-exclusive basis in areas such as international cooperation, co-arranging syndicate rupee and foreign currency loans, and jointly financing overseas projects/ export-oriented units.

The banks will also exchange information and provide advisory services to each other along with assistance in employee training. BoI will be one of the major designated banks to handle export contracts, covered under Exim Bank's line of credit to entities in Africa and South East Asia. It will also help Exim Bank raise resources abroad, including instruments aimed at NRIs and overseas corporate bodies.
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