Rupee weakens against dollar
Mumbai: The rupee declines by two paise to 44.23 against the dollar on Friday and moved in the range of 44.27-44.29 during the day.

The Reserve Bank of India was reported to be intervening in the forex market and buying dollars, which pushed the rupee down to 44.29.

According to dealers, some oil companies were also seen buying dollars as oil prices inched up to $61 per barrel.

The six-month forward-premia closed at 3.22 per cent (3.09 per cent) and the one-year closed at 3.02 per cent (2.93 per cent).

Bonds: Bond prices rose by 25 paise on Friday as inflation showed a decline. The total traded volume on the order matching system stood at Rs1,020 crore (Rs2,030 crore).

G-secs: The 8.07 per cent 10-year 2017 paper opened at Rs100.65 (7.97 per cent YTM) and closed at Rs100.94 (7.93 per cent YTM), against Thursday's Rs100.73 (7.96 per cent YTM). The 7.37 per cent seven-year 2014 paper opened at Rs96.61 (eight per cent YTM) and closed at Rs96.89 (7.95 per cent YTM), against Thursday's Rs96.63 per cent (7.99 per cent YTM).

Call rates: Call rates closed at 6.20-6.40 per cent on Friday against the previous close of 6.40-6.50 per cent. In the first three-day reverse repo auction on Friday, the RBI received and accepted four bids for Rs385 crore. In the second three-day reverse repo auction, the RBI received and accepted eleven bids for Rs6,555 crore.

There were no repo bids in the first and second three-day repo auction.

CBLO: The CBLO market saw 367 trades aggregating to Rs21,067.45 crore in the 6.10-6.25 per cent range.
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Reserve Bank to pay interest on CRR balances
Mumbai: The Reserve Bank of India (RBI) has said it will pay 3.5 pc interest to banks for the period June 24, 2006 to December 8, 2006; at 2 pc for the period December 9, 2006 to February 16, 2007; and 1 pc from February 17, 2007 till further notice on the cash reserve ratio (CRR) maintained by banks.
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Forex reserves rise $3.8bn to $189bn
Mumbai: Foreign exchange reserves rose $3.834 billion to $188.912 billion for the week ended February 16, according to the weekly supplement released by the Reserve Bank.

Foreign currency assets increased $3.831 billion to $181.915 billion. Gold reserves and SDRs were unchanged at $6.529 billion and $2 million, respectively.

The Reserve Tranche Position with the IMF was up $3 million to $466 million.
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BMW India, ICICI Bank enter retail finance deal
New Delhi: Luxury carmaker BMW India and ICICI Bank have entered into an agreement for offering financing solutions to car buyers.

BMW customers will now be able to avail a range of tailor-made financing solutions from BMW Financial Services (the financial arm of BMW) offered and provided by ICICI Bank at competitive interest rates, the company said in a joint statement. The statement further said BMW India and ICICI Bank will offer innovative and premium quality of service through BMW dealership network and ICICI Bank Direct Sales Agency's (DSA'S) across India, it said.
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Allianz Securities to restructure business
Mumbai: Allianz Securities plans to restructure its business, which includes merger of Almondz Capital Markets (ACMPL) with itself.
The proposal, which would be implemented in terms of a scheme of amalgamation of ACMPL with the company, the company informed the Bombay Stock Exchange. In consideration of the merger, the company would issue shares to the shareholders of ACMPL, it said.

The independent valuer, Dalal & Shah has recommended an exchange ratio of 1:3 which implies, that the company would issue to the shareholders of ACMPL one equity share of Rs 6 each, of Allianz Securities for every three shares of Rs10 each held in ACMPL.

The above proposals are subject to obtaining necessary approvals from the shareholders, creditors, and regulatory authorities.
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