Rupee weakens marginally
Mumbai: The rupee opened at 41.94 and appreciated intra-day to 41.63 but ended the day at 41.98 against Monday's close at 41.90/91.

Buying of dollars by importer pared the early rupee gains.

Dealers said the strength of the rupee had been in tandem with the appreciation of major currencies such as the euro and the pound against the dollar. In the past two weeks, the euro has risen 150 basis points to $2.0020 and the pound gained 300 basis points to $1.3545.

Interest rate hikes in the UK and Euro zone, and the slowdown of the US economy have led to the weakening of the dollar.

The forward premia on dollar continued to remain high. The 6-month premium closed at 6.29 per cent (6.45 per cent).

Bonds: Bond prices ended flat. The 8.07 per cent-10 year-2017 paper opened at Rs99.71 (8.11 per cent YTM) and closed at Rs99.77 (8.11 per cent YTM) against the previous close of Rs99.78 (8.10 per cent YTM) on Monday.

The 7.38 per cent- 8-year-2015 paper opened at Rs95.10 (8.20 per cent YTM) and closed at Rs95.05 (8.21 per cent YTM) against Rs95.05 (8.21 per cent).

Call rates: Call rates closed higher at 15-16 per cent against the previous close of 9.5-10.5 per cent.

Reverse repo: In the first one-day repo auction, the RBI received and accepted thirty-six bids for Rs15,870 crore. There was no reverse repo bid. In the second one-day reverse repo auction, the bank received and accepted two bids for Rs110 crore. In the second one-day repo auction, the RBI received and accepted 15 bids for Rs4,460 crore. The CBLO market saw 336 trades aggregating Rs14,937.95 crore in the 7.65-10 per cent range.
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UTI Bank Q4 net rises 39 per cent
Mumbai: UTI Bank has posted a net profit of Rs211.89 crore for the fourth quarter ended March 2007 against Rs151.73 crore reported during the same quarter in 2006. Total income for the March quarter was at Rs1667.87 crore as compared to Rs1060.72 crore during the quarter ended March 2006.

For the year ended March 2007, the bank recorded a net profit of Rs659.03 crore against Rs485.08 crore for the year ended March 2006. Total income for the year was higher at Rs5,570.51 crore against Rs3,618.42 crore in 2006.

The board of directors has recommended a dividend of Rs4.50 per share (45 per cent) for the year ended March 31, 2007.
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Exporters to get Re credit rates for six months
Mumbai: The Reserve Bank, through a notification, has extended the validity of the interest rates on rupee export credit on both pre-shipment and post-shipment basis till 31 October.

Pre-shipment credit includes advances up to 180 days and against incentives received from Export Credit Guarantee Corporation (ECGC), while post-shipment credit includes advances on demand bills for transit period, incentives under ECGC guarantee and others.
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