Rupee flat
Mumbai: The rupee was flat against the dollar on Thursday as demand for the dollar was equal to the supply. The Indian currency opened at 44.23/25 and touched an intra-day low of 44.29. It, however, closed the day at 44.26/27, almost the same as Wednesday's 44.27/28.

In forwards, the 6-month closed at 3.23 per cent (3.44) and the 12-month ended at 2.98 per cent (3.15).

Bonds: Bond prices gained by around 39 paise and yields went down by five basis points. According to dealers, after the prices fell by over 70 paise yesterday, investors bought securities in the market. However, the volumes were low as the market expects the liquidity to be drained out by next week.

Total traded volumes on the order matching system were lower at Rs1,780 crore (Rs1,965 crore).

G-secs: The 8.07 per cent-10 year-2017 benchmark paper opened at Rs100.60 (7.98 per cent YTM) and closed at Rs100.94 (7.93 per cent YTM) against Wednesday's close of Rs100.55 (7.99 per cent YTM).

The 7.37 per cent-7 year-2014 paper opened at Rs97.75 (7.98 per cent YTM) and closed at Rs96.83 (7.96 per cent YTM) against the previous close of Rs96.63 (7.99 per cent YTM) on Wednesday.
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Indian Bank debuts at 15 per cent premium Rs105
Mumbai: Indian Bank on Thursday listed at Rs105 per share with a 15.38 per cent premium over its issue price of Rs91 on the Bombay Stock Exchange.

After opening, the scrip hit lows of Rs77 and was last trading at Rs90.90 as heavy-selling pressure continued due to which 34.06 lakh shares changed hands quickly.

The 8.59 crore-share Indian Bank IPO had received tremendous response from investors, especially foreign institutional investors (FIIs), when it hit the capital market in the first week of February and was oversubscribed 32.16 times.

The issue mopped up around Rs782 crore at the issue price of Rs91 per share.
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RBI offers leeway on CRR
Mumbai: Banks will not be required to maintain average Cash Reserve Ratio of 3 per cent on credit balances in Asian Clearing Union (US dollar) accounts, transactions in Collateralised Borrowing and Lending Obligation (CBLO) with Clearing Corporation of India and, demand and time liabilities in respect of their Offshore Banking Units (OBUs), said an RBI press release. Recently, the Reserve Bank of India decided to pay interest to all commercial banks on the eligible CRR
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Union Bank ties up with Department of Post
Mumbai: Union Bank of India has entered into an agreement with the Department of Post, Maharashtra Circle, to lend loans for farmers in six districts of Maharashtra.

The bank says it has allocated Rs100 crore to be disbursed through this tie up for financial year 2007-08 and would lend up to Rs 2 lakh without any collateral. However, the bank would follow the same rate of interest for money disbursed through post offices.
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