Markets: Eerie calm

Markets: Eerie calm

it is not clear when market sentiment can change; as in the past, it can be quite sudden.
At a turn and yet not

At a turn and yet not

RBI could be tempted to cut policy rate to support growth at its bi-monthly review.

Indian rupee down 24 paise Vs US dollar

Feb 11 2013, 10:43 IST
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Indian rupee weaker. (Thinkstock) Indian rupee weaker. (Thinkstock)
SummaryRupee today is continuing its downward march for the fourth straight session.

The rupee today fell by 24 paise to 53.74 in early trade, continuing its downward march for the fourth straight session at the Interbank Foreign Exchange, due to continued dollar demand from importers.

Forex dealers said a lower opening at the domestic equity market also put pressure on the rupee.

The domestic currency had lost 28 paise to end at an over one-week low of 53.50, due to sustained dollar demand from importers amid sluggish local stocks on Friday.

Meanwhile, the BSE benchmark Sensex fell by 16.41 points, or 0.08 per cent, to 19,468.36 in early trade today.

Indian rupee weaker at 53.73/74 versus US dollar

Earlier in the morning, Indian rupee weaker at 53.73/74 versus its Friday's close of 53.50/51 tracking the euro's losses versus the US dollar and on the back of dollar demand from oil firms and other importers.

INTEREST RATE SWAPS

The benchmark 5-year OIS rate flat at 7.23 percent, while the 1-year rate down 1 bp at 7.59 percent.

CALL MONEY

India's overnight cash rate at 7.80/7.90 percent versus 7.80/7.85 percent Friday's close at the start of a new reporting week.

GOVERNMENT BONDS

India's benchmark 10-year bond yield 1 basis point (bp) higher at 7.85 percent as crude oil hit a nine-month high on Friday. However, bonds will find some support from comments from a finance ministry official that there will be no extra borrowing during the current fiscal year.

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