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Our Bureau

MUMBAI: The rupee closed at 45.35/36 against the dollar on Monday, about 20 paise weaker than Friday's close of 45.1550/1650.

Dealers said that the cash market moved in one way. The decline in rupee could be attributed to the dollar gaining against the major currencies.

On account of foreign markets remaining closed on Friday, supply of dollars was limited, which also led to the dip in the domestic currency.

The dealers also said that public sector banks were actively buying in the market on behalf of oil companies.

Foreign banks and private sector banks were seen going short on the positions held.

The six-month forward closed at 0.55 per cent (0.60 per cent) and the twelve-month forward closed at 0.51 per cent (0.52 per cent).

The bond market experienced a downward slide of about Re 1.00 across maturities although it opened at the closing levels of Saturday..

The bearish market was not very receptive to the Rs 9,000-crore auction announcement by the RBI. There was lack of buying in the market, said dealers.

The 8.07 per cent 2017 paper opened at Rs 120.80 was dealt lower to Rs 120.30/35 and closed at Rs 119.90. The 6.25 per cent 2018 paper opened at Rs 103.85 and closed 85 paise lower at figure levels. The 7.37 per cent 2014 paper opened at Rs 115.40 and closed at Rs 114.84. Dealers attribute the downslide in the market to lack of any positive signal for the market.

The call rates were stable at 4.25-4.50 per cent. Under the liquidity adjustment facility (LAF) auction for the seven-day repo, the RBI received 44 bids worth Rs 17,735 crore, which were fully accepted at 4.50 per cent.

Under the 14-day repo, 8 bids worth Rs 4,550 crore were received and accepted at the cut off rate of 4.5 per cent.

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