Rupee declines against dollar
Mumbai: The rupee slipped to 46.58/59 against the dollar due to strong demand for dollars from several domestic oil companies. On Monday, the rupee opened strong at 46.42. However, sustained dollar buying pushed it lower to 46.59, against Friday's close of 46.55.

Forwards: In the forward-premia market, the six-month ended at 1.08 per cent (1.04 per cent) and the 12-month ended at 1.16 per cent (1.16 per cent).

Bonds: Domestic bond prices gained by 20-25 paise on Monday.

G-Secs: The 7.59 per cent-10 year-2016 paper opened at Rs95.6 (8.26 per cent YTM), touched a high of Rs95.79 and closed at Rs95.62 (8.25 per cent), higher than the previous close of Rs95.42 (8.28 per cent YTM). The 7.55 per cent-4 year-2010 paper opened at Rs99.52 and closed at Rs99.48 (7.71 per cent) against the previous close of Rs99.45 (7.71 per cent YTM). On the domestic front, inflation figures and the government securities auction would drive the yields, the dealer said.

Call rates: Call rates were between 6.00 and 6.10 per cent. In the first one day reverse repo auction under LAF, the Reserve Bank of India received and accepted 23 bids amounting to Rs28,735 crore and in the second one-day reverse repo auction, 29 bids for Rs18,095 crore. There were no repo bids. The CBLO market saw 257 trades aggregating to Rs17,191.30 crore in the 5.83-5.95 per cent range.
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Allahabad Bank to open branch in Hong Kong
Kolkata: Allahabad Bank plans its first overseas branch in Hong Kong in the next two months as it has obtained the necessary approvals from the Reserve Bank of India and the Hong Kong Monetary Authority for this purpose.

The bank is also said to have acquired premises in Hong Kong and a chief executive would look after the operations. Although Allahabad Bank had earlier opened a representative office at Shenzen in China, Hong Kong would be its first overseas foray with a full-fledged branch.

Asked about plans to expand its overseas presence and its joint venture partner Punjab National Bank was working on the modalities to start a full-fledged bank in Kazakhstan.

In the joint venture, PNB would hold 60 per cent equity, while Allahabad Bank would have the remaining 40 per cent.
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OBC to charge lower interest rate on loans up to Rs20-lakh
New Delhi: Oriental Bank of Commerce (OBC) has rolled back its 0.5 per cent hike in home loans up to Rs 20 lakh which was announced earlier this week. However, the increase in interest rate on home loans above Rs20 lakh will be effective from today.
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ICICI Lombard, AI team up to offer discount
New Delhi: Private sector insurance company, ICICI Lombard General Insurance has announced a tie-up with Air India to offer special discounts to students travelling abroad for higher education. Students travelling abroad for higher education on the airlines ticket would be offered medical insurance at a special discount, a joint press release said. In addition, it would cover eight non-medical covers including passport loss, baggage loss, personal accident etc.

The company issues medical insurance to students, keeping in mind the specific needs of individual university that cover medical treatment, aid and therapies, ICICI Lombard head Travel and worksite.
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