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Our Bureau

MUMBAI: The rupee closed three paise weaker against the dollar at 43.80 on Tuesday as compared to 43.77 level in the previous session as the US currency gained against other international currencies.

According to a dealer with a local bank, the dollar opened slightly higher at 43.79 levels, perhaps carrying forward its firm tone and overnight gains against other currencies in the international market. However, it remained stuck in a tight range throughout the day.

"Spot rupee/$ traded in a narrow range of 43.79-43.83 in an extremely quiet market. The little movement in the market was largely determined by weak flows," the dealer said.

The six-month forward closed stronger at 2.41 per cent (2.25 per cent) and the one-year forward at 1.95 per cent (1.82 per cent). According to the dealer, the forwards market opened flat but spiked up in the afternoon. It eased off again towards the close with a number of receivers entering the market.

The debt market saw a dull session with not many trades being put through. According to an official at a private bank here, market participants were on the sidelines ahead of an auction announcements and the continued firm trend in oil prices. The market witnessed a 4-5 paise movement during the day.

The benchmark 7.38 per cent paper ended at 6.76 per cent as against 6.75 per cent in the previous session.

The inter-bank call money rate was easy, with adequate liquidity in the market. Call hovered in the range of 4.60-4.80 per cent before closing at 4.65-4.80 per cent. In the CBLO market, a 122 bids accounting for a volume of Rs 4,886.20 crore were put through in the rate range of 4.65-4.90 per cent.

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