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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Rupee flat, benchmark interest rates mixed

Rupee flat, benchmark interest rates mixed

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1Rupee flat, benchmark interest rates mixed Empty Rupee flat, benchmark interest rates mixed Wed Jun 06, 2012 11:29 pm

CSE.SAS

CSE.SAS
Global Moderator
The rupee ended flat against the dollar on thin volumes Wednesday while benchmark Treasury bill rates came down across the shorter tenures as banks ‘awash’ with liquidity looked for better returns rather than park their excess rupees with the Central Bank, currency dealers said.

The rupee which started the day at Rs. 130.10/40, closed at Rs. 130.10/20. "The foreign exchange market was not very active," a currency dealer said.

Meanwhile, the weekly auction of Treasury bills saw yields decline across the 3-months and 6-months tenures and a slight increase in the 12-months yield.

The Public Debt Department of the Central Bank offered maturing Treasury bills amounting to Rs. 25 billion on Wednesday. Bids from primary dealerships amounted to Rs. 56.3 billion of which Rs. 20.47 billion were accepted.

The 3-months bill saw its yield decline to 10.86 percent from 11.01 percent a week earlier and the 6-months paper saw its yield decline to 12.12 percent from 12.29 percent. The one year Treasury bill yield inched up to 12.66 percent from 12.60 percent a week earlier.

"Some banks are awash with excess liquidity and they are fishing around for better investments rather than park their excess with the Central Bank at a 7.75 return. However, the longer termed bill saw a sight increase which means there is still room for interest rates to head North. With all the excess liquidity in the system, stabilizing the exchange rate would be difficult as these funds could fuel lending for imports," one currency dealer said.

The Central Bank has been conducting repo auctions on a daily basis to absorb the excess liquidity from the banking system. Yesterday it absorbed Rs. 18.7 billion at 8.836 percent. The standing facility, which is overnight deposits of excess rupees with the Central Bank, yields 7.75 percent.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=53736

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