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MUMBAI: The rupee moved in a narrow range of a mere one and a half paise on Monday despite heavy dollar supplies.

The domestic currency closed at 45.2350/2450 in its value against the dollar. It opened at 45.24550/2550 with the intra-day high being 45.23.

"There were good supplies of the greenback in the market but the central bank was consistently buying it up. The RBI kept it steady at 45.23 levels," said a dealer in a forex brokerage house.

There was limited activity in the dollar forward market. The six months forward closed at 0.36 per cent (0.34 per cent) and the one-year forward closed at 0.46 per cent (0.44 per cent).

The Government securities market was volatile but within a limited range of 10-15 paise. However, traded volumes were not very high at about Rs 3,000 crore.

Some indicative papers were the 8.07 per cent 2017 paper, which opened at Rs 123.40, touched a low of Rs 123.33 and closed at Rs 123.35. The 10-year benchmark although not very highly traded on Monday opened at Rs 116.85 and closed at Rs 116.95 with a corresponding yield of 5.19 per cent.

The sentiment in the market is still positive but there will be cash outflow from the market for the next two days with the advance tax date being March 15, said a dealer from a bond house.

Call rates were however easy and surplus funds worth over Rs 51,000 crore were absorbed by the RBI through the repo window at the over-night rate of 4.5 per cent.

More Stories on : Forex | Govt Bonds

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