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MUMBAI: Strong dollar buying drove the rupee further down on Wednesday to end at 43.73/75 levels against Tuesday's close of 43.69/70 levels.

According to a dealer with a private sector bank here, a number of public sector banks bought dollars,helping the dollar recover some of its earlier losses.Over the last three sessions, the rupee has lost 24 paise on dollar buying.

The dollar has been driven down in the past in the backdrop of strengthening overseas currencies. "Today's buying follows the US unit's weak undertone versus the Indian currency even as the euro has weakened against the greenback," said the dealer at the private sector bank.

The forwards slipped slightly lower with the six-month quoting at 2.70 per cent at the close and the 12-month at 1.70 per cent.

It was a dull day at the debt market, which traded in a narrow band in the absence of any fresh triggers. The benchmark 7.38 per cent paper closed at 6.53 per cent as against 6.55 per cent previously.

According to a dealer with a public sector bank, Monday's rally saw the benchmark paper improve to 6.55 per cent levels (as against 6.73 per cent earlier). The market was not quite comfortable with these levels and the paper would face some resistance before it breached the next barrier of 6.50 per cent. However, he added that if oil prices and inflation continued to ease, the market could see a rally to 6.35-6.40 per cent levels.

There was not much activity in the interbank call money market and it closed flat at 4.70- 4.80 per cent levels.

In the CBLO market, 123 trades aggregating Rs 3,906.85 crore were put through in the rate range of 4.68-4.85 per cent.

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Rupee weaker; g-secs flat

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