Re
flat
Mumbai: The rupee remained almost flat against
the dollar on Friday. The rupee opened at 46.54, moved
in the range of 46.52-54 and ended 46.52/53.
Forwards:
In forwards, the six-month premium ended at 1.42 per
cent (1.42 per cent) and the 12-month premium at 1.38
per cent (1.38 per cent).
Bonds:
Bonds ruled range-bound ahead of the Rs9,000-crore worth
Government auction. Bond prices moved in a band of 20
paise, said dealers.
G-secs:
On Friday the 7.59-10 year-2016 paper opened
at Rs98.18 (7.86 per cent YTM) and ended at Rs98.09 (7.88
per cent YTM) against the previous close of Rs98 (7.89
per cent YTM). The 8.07-11 year-2017 paper opened
at Rs101.12 (7.91 per cent YTM) and ended at Rs100 (7.92
per cent YTM), against the previous close of Rs100.98
(7.93 per cent YTM).
Call
rates: Call rates were between 6.00 and 6.10 per cent.
Reverse
repo: In the first one-day reverse repo auction under
LAF, the Reserve Bank of India received and accepted 20
bids amounting to Rs20,570 crore and in the second one-day
reverse repo auction, 40 bids for Rs20,595 crore.
CBLO:
The CBLO market saw 291 trades aggregating to Rs14,593.15
crore in the 4.00-6.20 per cent range.
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Rupee
may go for full float
Mumbai: The rupee may soon become fully convertible
according to the much-awaited report on 'fuller capital
account convertibility,' released by the Reserve Bank
of India (RBI).
However,
the currency liberalisation will come with conditions.
The most important is the ban on participatory notes (PNs)
and the use of it as a tax haven.
NRIs
will stop enjoying tax exemptions on the interest on bank
deposits.
RBI
will have to build a war chest of securities and cease
to become the government's merchant banker, while the
Centre as well as states will have to rein in liabilities.
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Forex
reserves down $ 41 m
Mumbai: According to RBI's Weekly Statistical Supplement,
reserves fell by $41 million to touch $165.326 billion
for the week-ended August 25. In the previous week, reserves
rose by $273 million to touch $165.367 billion. The euro
traded between the $1.2766 to $1.2890. There was an FII
inflow of around $25 million into equities the week under
consideration. Gold reserves remained unchanged at $6.557
billion. The reserve position in the IMF increased by
$1million to touch $768 million; but foreign currency
assets decreased by $42 million to touch $158 billion.
.
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United
Bank plans IPO
Kolkata: The United Bank of India is going in for
an initial public offering (IPO) of an undisclosed amount
soon.
The
issue is aimed at converting Rs1,232 crore of its equity
base of Rs1,532
crore into preferential share and perpetual bond.
The
bank has already submitted its proposition to the Reserve
Bank of India and is awaiting its decision.
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