The Hindu Business Line : Rupee range-bound; gilts rule steady

MUMBAI: The rupee gained slightly on Wednesday on good dollar selling, though the movement was range-bound. The spot rupee opened at 43.5305/54 and ended trade at 43.52, a shade higher than Tuesday's close of 43.54.

There was some buying by oil companies, but trading was lacklustre and the rupee moved in the narrow range of 43.42-43.54.

The forward premia saw slight pressure, with the 12-month premium closing at 1.35 per cent (1.32 per cent) and the 6-month at 1.55 per cent (1.50 per cent).

In the bond market, prices fell during the day by about 10-15 paise, but closed at around the same level as the opening. Dealers said the market saw a thin trading.

The 7.27-8 year-2013 paper opened at Rs 101.10 (7.09 per cent YTM) and fell to Rs 100.94 during the day. It ended at Rs 101.12/15 (7.08 per cent YTM), almost the same as Tuesday's Rs 101.10 (7.09 per cent YTM).

The 7.38 per cent - 10 year-2015 benchmark paper was traded at Rs 101.4850 (7.17 per cent YTM), slightly higher than Tuesday's Rs 101.44 (7.18 per cent YTM).

The call rate ended at 5-5.05 per cent (4.75-5). In the one-day reverse repo auction, under the liquidity adjustment facility, the Reserve Bank of India received and accepted 31 bids amounting to Rs 18,470 crore. The CBLO market saw 227 trades being put through in the 4.91-5.10 per cent range, amounting to Rs 7,688.60 crore.

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