India FIMMDA-REUTERS-MIFOR for six mths 7.54 pct

July 04 (Reuters) -The FIMMDA-REUTERS Mumbai Inter-bank Forward
Offered rate<MIFOR=>for six months based on the implied yield
using dollar-rupee premium is 7.54 percent on Friday compared
with 8.26 percent the previous day.

The FIMMDA-REUTERS Mumbai rupee overnight offered rate
(MITOR) based onthe cash-spot dollar rupee premium was 7.09 on
Thursday.One-month, two-month, three-month, six-month and
one-yrs' swaps and benchmark rates are given in the table
below.
-------------------------------------------------------------

Period SWAP DIFFERENCE PREMIUM MIFOR

dlr/rupee In percent Implied rupees
(Spot to) (paise) (annualised) Interest
rates(%)
--------------------------------------------------------------
1M(08/08/08) 23.25/25.25 06.34/06.88 08.84/09.39
2M(08/09/08) 41.75/43.75 05.69/05.96 08.41/08.68
3M(08/10/08) 55.75/57.75 05.12/05.30 07.98/08.17
6M(08/01/09) 92.25/94.00 04.24/04.32 07.46/07.54
1Y(08/07/09) 164.50/166.50 03.81/03.85 07.27/07.32

Spot rate : 1$ = 43.21 rupees (Source - RBI reference
rate from Reuters page RBIB <INRFIX=RBIA>

Note: Figures in brackets indicate negative values.

The US Dollar LIBOR rates are published by the British
Bankers' Association and sourced from the Reuters page
FRASETT1.

The implied benchmark rates will be available on Reuters
pagesby typing MIFOR= or INSWAP01 and INSWAP02 followed by the
ENTER key or double-clicking <MIFOR=>, INSWAP01 and
INSWAP02.

FIMMDA refers to Fixed Income Money Market and Derivatives
Association of India.