Admission Of Gilts
FOREX REPORT
The spot rupee continued to remain range-bound due to thin volumes and lack of corporate demand. It closed at 43.39 as against Thursday's close of 43.38.
Opening at 43.4050, the local currency moved to a low of 43.4150 during the day. It traded in an intra-day range of 43.3850 to 43.4050. Forward premiums, too, remained range-bound. Dealers said a large nationalised bank was doing sell-buy swaps for spot over January at 41.50 levels. It was later believed to be selling forward dollars in the September and October months.
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For the past few weeks now, the rupee has been steady in the 43.37 to 43.43 range. This is due mainly to unusually thin volumes, and virtually absent importers, dealers said. "Added to this is the fact that exporters tend to sell every time the dollar gains, thus capping the dollars gain."
The closing levels of annualised premiums were: 1-month - 4.10 per cent (4.07 per cent on Thursday); 3-months - 4.65 per cent (4.55 per cent); 6-months -4.82 per cent ( 4.77 per cent); 9-months -5.04 per cent (5.02 per cent; 12-months -5.22 per cent (5.21 per cent).
Cash tom and tom spot closed at 1-1.37 and 0.25-0.50, while cash spot closed at 1.25-1.75.
Premiums in paise closed at: Nov - 6.25-7.25; Dec - 21-22; Jan - 41.25-42.25; Feb - 56-57.5; Mar - 74-75; Apr - 94-95; May - 113-114; Jun -132-134; Jul - 152-154; Aug -172-174; Sep - 192-194; Oct - 212-214.
In the crosses, the rupee quoted at Rs 70.23 against the British pound, 44.98 against the euro and 41.47 against the (100) Japanese yen. t color=black face=arial size=2>
In 1987 I bought my first car, a Maruti 800 for Rs 87,950. I blew up my entire earning but I was happy with my prized possession. In 1988-89 I designed about 15 houses and each project fetched between Rs 30,000 and Rs 50,000. I also won a contract for designing the container yard in Mumbai stretching over nine acres of land. I even designed the houses of filmmakers like Boney Kapoor and Madan Mohan, after which I was approached by several film personalities to do up their houses too. My company's turnover in those years touched Rs 5 lakh.
My personal saving then was around Rs 1.5 lakh which I spent on my wedding and a holiday with my wife. I even took a break from work and toyed with the idea of setting base in Dubai because the place was developing very fast. I didn't want to shut my company here so my wife took over while I moved to Dubai. She set up the dealing room for Amex. We finished work 40 days ahead of schedule spending Rs 8 lakh less than the budget!
Because of the Gulf War I had to return to India in September 1991. I started with designing houses for film stars, Ajay Devgan and Jackie Shroffas well as a few houses in Bangalore and Madras. The company crossed the million mark in 1992.
In 1994 turnover jumped to Rs 5 crore and over the next year we got big projects like designing the offices of SET India, Dow Jones, Amex and ACP, plus a few bungalows in Pune.
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