Rupee weaker against the dollar
Mumbai: The rupee opened strong at 46.53/54 but finally closed at 46.70. On Tuesday, it had ended at 46.59.

Forwards: In the forward premia market, the six-month ended at 1.02 per cent (1.09 per cent) and the 12-month ended at 1.14 per cent (1.17 per cent).

G-Secs: The 7.59 per cent-10 year-2016 paper closed at Rs95.39 (8.29 per cent YTM), slightly lower than Tuesday's Rs95.36 (8.29 per cent YTM). The 9.39 per cent-5 year-2011 paper closed at Rs105.83 (7.92 per cent YTM).

Call rates: The inter bank rates were between 6.00 and 6.10 per cent.

Reverse repo: In the first one day reverse repo auction under LAF, the RBI received and accepted 25 bids amounting to Rs27,070 crore and in the second one-day reverse repo auction, 43 bids for Rs22,620 crore. There were no repo bids.

CBLO: The CBLO market saw 307 trades for Rs18,565.05 crore in the 5.77-5.95 per cent range.
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RBI: T-bills auction fully subscribed
Mumbai: The auctions of the 364-day treasury-bills and 91-day treasury-bills were fully subscribed. The notified amount for both T-bills was Rs4,000 crore.

The Market Stabilisation Scheme (MSS) amount for 364-day T-bill was Rs1,000 crore. The RBI received 113 competitive bids, amounting to Rs7,900 crore. The cut-off price was Rs93.48 (6.99 per cent YTM). The RBI accepted 33 competitive bids. The partial allotment percentage for 17 competitive bids was 88.57 per cent. The weighted average price was Rs93.49. RBI did not receive or accept any non-competitive bid.

For the 91-day T-bill, the MSS amount was Rs1,500 crore. The RBI received 79 competitive bids, amounting to Rs4,703 crore. The cut-off price was Rs98.42 (6.4391 per cent YTM).The RBI accepted 63 competitive bids. The weighted average price was Rs98.43. The partial allotment percentage for 31 competitive bids was 15.79 per cent. The RBI did not receive or accept any non-competitive bids. The partial allotment percentage for non-competitive bids was 100 per cent.
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Lok Sabha passes Actuaries Bill 2005
New Delhi: The Lok Sabha, on Wednesday, passed through a voice vote a Bill to regulate and develop the profession of actuaries in the country.

Replying to a brief debate on the Actuaries Bill 2005, the minister of state for finance, Pawan Kumar Bansal, said that the Government has accepted various suggestions made by the standing committee of the Parliament and this has necessitated a number of amendments to the Bill.

The minister also said that the definition of actuaries has been expanded and made more comprehensive. The Actuaries Bill would enable the setting up of the Institute of Actuaries of India. The new Bill proposes to dissolve the existing Actuaries Society of India and transfer the assets and liabilities of this society to the institute.

Bansal also said that the Actuaries Bill proposes to regulate the profession of actuaries on the same lines as the profession of chartered accountants, cost and works accountants and company secretaries. These professions are currently regulated under the Chartered Accountants Act, Costs and Works Accountants Act and Company Secretaries Act respectively.
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Banks hike home loan rates
The Oriental Bank of Commerce (OBC) has hiked the floating interest rates on home loans by 50 basis points to 100 basis points. The new rates for loans up to Rs20 lakh would be 9.25 per cent for up to 10 years' maturity and 9.5 per cent for maturities above 10 years and up to 20 years.

For loans above Rs20 lakh, the rate would be 9.75 per cent for maturities up to 10 years and 10 per cent for maturities above 10 years and up to 20 years.

As regards fixed rate home loans, OBC said loans up to Rs20 lakh would attract 10.25 per cent interest for up to 10 years' maturity and 10.5 per cent for maturities above 10 years and up to 20 years. For loans above Rs20 lakh, the fixed rate would be 10.75 per cent and 11 per cent, respectively.

A statement issued by OBC said the new interest rates would be effective August 7 and would be applicable on all new loans sanctioned on or after this date. There is however no change in the bank's benchmark prime lending rate that is currently at 11.5 per cent.

The Syndicate Bank has hiked its home loan lending rates by 75 to 125 basis points with effect from Tuesday. A bank release said that the floating rate loans were now priced at three per cent below the benchmark prime lending rates (BPLR) for five years. Above five years the rates were 2.50 per cent below the BPLR. Syndicate Bank's BPLR is currently 11.25 per cent.

Accordingly, the new rates are 8.25 per cent and 8.75 per cent respectively. Till last month, the spreads were 3.75 per cent and 3.25 per cent below the BPLR for tenures up to six years and 12 years respectively. The release said that the fixed rate loans have gone up to 9.5 per cent for five years and 10 per cent for above five years respectively. Till last month, the fixed rate loans were 8.25 per cent and 8.75 per cent respectively.

Dewan Housing Finance Corporation Ltd has increased its interest rates for retail home loans by 100 basis points, with effect from August 1. This revision in rates will be applicable to its existing customer portfolio. The variable rate of 8 or 8.5 per cent would be 9 or 9.5 per cent, respectively. There will be no revision in rates for its fixed loan customers.
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Banks hike deposit rates
The Oriental Bank of Commerce has increased interest rates on its term deposits by 25 basis points in respect of certain maturities. The revised rates are effective from Tuesday.

A statement by OBC said that interest rate on term deposits have been increased by 25 basis points for a maturity period of 1 year to less than 2 years; 2 years to less than 3 years; 3 years to less than 5 years; and 5 years to less than 8 years.It has also introduced a new maturity period bucket of 8-10 years at 8.25 per cent.

The State Bank of Hyderabad (SBH) has also announced an upward revision in interest rates on domestic term deposits. The new rates come into effect from August 1, the bank said in a press release. The bank has increased the rate on below Rs1 crore deposits to 5.25 per cent from the existing five per cent for the 46 days to 90 days tenure and of deposits of above Rs1 crore to 5.5 per cent (5.25 per cent).

For 91 days to 120 days, the rate has been increased to 5.5 per cent (5 per cent) for below Rs1 crore and to 5.75 per cent (5.25 per cent) for above Rs1 crore deposits. The rate for 121 days to 179 days has been increased to 5.5 per cent (5.25 per cent) for below Rs1 crore and to 5.75 per cent (5.5 per cent) for above Rs1 crore.
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Andhra Bank ups BPLR by 50 bps
Hyderabad: Andhra Bank on Wednesday announced an upward revision in its benchmark prime-lending rate (BPLR) by 50 basis points. In a press release here, the bank said the BPLR would now be 11.5 per cent and it would be the reference rate for all loans and advances with limits of above Rs2 lakh. The revised BPLR would come into effect from Wednesday, the bank said.
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