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MUMBAI: The rupee strengthened against the dollar on Monday, though the movement was range-bound at 43.50-43.53. The rupee opened at 43.5150/5250 and ended trade at 43.4950/50, higher than Friday's close of 43.53/54.

According to dealers, there was good supply of the dollar, though demand was subdued. "Oil is the only factor that is slightly negative," a dealer said. In the forward premia market, there was some paying pressure due to the tightening of the call money market. The 12-month premium closed at 1.34 per cent (1.25 per cent) and the 6-month premium at 1.52 per cent (1.35 per cent).

The call money market saw a tightening as banks that normally lend turned borrowers, said dealers. The call rate was between 5.10 and 5.50 per cent (5.10-5.15 per cent). It was dealt at the level of 6-6.15 per cent during the day.

The bond market saw a fall in prices due to rise in crude oil price and lack of buying support. Prices opened lower and fell between 40-70 paise during the day. The 8.07 per cent 12-year 2017 bond opened at Rs 108.90 (6.94 per cent YTM) and ended trade at Rs 108.35 (7 per cent YTM), against Friday's close of Rs 109.02 (6.92 per cent YTM). The 7.38 per cent 10-year 2015 benchmark paper was dealt at Rs 103 (6.96 per cent YTM) against the earlier level of Rs 103.75 (6.86 per cent YTM).

Factors likely to affect the bond market in the coming week would be the Rs 10,000-crore auction scheduled in the first week of July and the Federal Reserve meeting June 29, said the dealer. In the one-day reverse repo auction, under the Liquidity Adjustment Facility, the RBI received and accepted 16 bids amounting to Rs 4,125 crore. The CBLO market saw 240 trades being put through in the rate range of 4.95-6.15 per cent, aggregating Rs 7169.6 crore.

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