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Rupee drops on increased corporate demand


Our Banking Bureau  |  Mumbai 

Forex market
The rupee is expected to open between 45.09 and 45.13 against the greenback on Wednesday.
Sentiment: Bearish
  • The rupee opened at 45.96/97 per dollar and ended lower at 46.11/12 on month end demand for dollars from corporates.
  • Premiums on forward dollars closed higher. Annualised premiums on with six-month and one-year closing at 2.27 per cent and 1.89 per cent respectively.
  • Money market
    Sentiment: Bearish
  • Government security prices slid across the board on rising global crude oil prices and thin buying demand from nationalised banks.
  • Prices of long-term securities went down by Re 1, while those of short- and medium-term fell by 40-50 paise.
  • Yield on the ten-year benchmark paper, 7.37 per cent 2014, shot up to 6.20 per cent from 6.12 per cent on Monday.
  • Call money rates closed higher at 4.60 per cent.
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    First Published: Wed, September 29 2004. 00:00 IST