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MUMBAI: The rupee closed at 45.87/88 on Thursday, eight paise down from Wednesday's closing levels of 45.7950/8050 against the dollar.

The rupee was in the range of 45.81-45.83 range all day until the fag end when it dipped to 45.87/88 levels, said a dealer in a private bank. Banks came to buy turning cautious before the month-end and built long positions although there was no genuine corporate demand for the greenback, he added.

The domestic currency had opened the day at 45.82/83 and hit an intra-day high of 45.81 against the dollar.

In the forwards market, premia eased considerably with buy sell swaps galore.

The six months forward closed at 0.48 per cent (1.00 per cent) and the one-year closed at 0.85 per cent (1.10 per cent).

In the Government securities market, prices were seen going up by 25-35 paise with buying interest emerging. The sentiment in the markets is positive, players are betting on a repo rate cut. Traded volumes were as high as Rs 7,958 crore, up from Rs 4,000-5,000 crore seen in the past few days.

Some indicative papers were the 7.40 per cent 2012 paper, which opened at Rs 114.76 and closed at Rs 115.08. The 7.46 per cent 2017 paper opened at Rs 117.65 and closed at Rs 117.90.

In the inter-bank call money, there was plenty of liquidity, relieving the tightness seen in the past few days. Call rates closed at 4.40-4.50 per cent.

Through the LAF window, the central bank accepted all bids worth Rs 22,000 crore at the repo rate of 4.50 per cent

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