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Re falls for fourth day on Europe's debt

Source : BUSINESS_STANDARD
Last Updated: Wed, Oct 10, 2012 19:20 hrs
An employee counts Indian currency notes at a cash counter inside a bank in Kolkata

The rupee fell for a fourth day, its longest losing streak since July, on concern Europe’s debt crisis would deepen and further damp global growth. It declined 0.6 per cent to 53.06 per dollar, according to data compiled by Bloomberg. It touched 53.19 earlier, the weakest level since September 27, and has dropped 2.3 per cent this week.

Bonds react downwards
Government bonds reacted downwards on selling pressure from banks and companies.

The 8.33 per cent government security maturing in 2026 dropped to Rs 100.67 from Rs 100.75 previously, while its yield inched up by 8.25 per cent from 8.24 per cent. The 8.15 per cent government security maturing in 2022 fell to Rs 99.95 from Rs 100.03, while its yield moved up 8.16 per cent from 8.14 per cent. The 8.19 per cent government security maturing in 2020 edged down to Rs 99.97 from Rs 99.98 while its yield held steady at 8.19 per cent.

Call rates end stable
Call rates held steady at the money market on Wednesday as demand from borrowing banks matched supplies. The rates ended steady at 8.05 per cent. It moved in a range of 8.10 per cent and 7.95 per cent. The Reserve Bank of India under the Liquidity Adjustment Facility purchased securities worth Rs 633.25 billion from 25 bids at the one-day repo auction, at a fixed rate of eight per cent.




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