The Hindu Business Line : Rupee steady; gilts decline

MUMBAI: The rupee slightly trimmed its morning losses as a result of dollar selling and some foreign institutional investors' inflow. The rupee opened at 43.55/56 and fell to an intra-day low of 43.59. It then bounced back to touch 43.53/54 and finally closed at 43.5450/55, almost unchanged from Monday's level of 43.55.

In the forward premia market, the 6-month closed at 0.91 per cent (0.77) and the 12-month at 0.88 per cent (0.79).

Bond prices dropped due to rise in oil prices and US yields. A dealer with a private bank said the market opened weak by 20-25 paise and closed 30 paise lower.

The 7.37 per cent 9-year 2014 paper opened at Rs 102.15 (6.9165 per cent YTM) and closed at Rs 102.10 (6.92 per cent YTM), against Monday's level of Rs 102.69 (6.95 per cent YTM). The 7.38-10 year-2015 benchmark paper opened at Rs 102.40 and ended at Rs 102.38 (7.04 per cent YTM), down from Monday's level of Rs 102.60 (7.01 per cent YTM).

The 10.25-16-year 2021 paper, which is currently most active, opened at Rs 124.95 (7.52 per cent YTM) and touched a low of Rs 124.06, before closing at Rs 124.91 per cent (7.52 per cent YTM), against the earlier level of Rs 125.23 (7.49 per cent YTM).

Call rates opened at 4.95 per cent and closed at 4.75-5 per cent. In the one-day reverse repo auction, the RBI received and accepted 51 bids amounting to Rs 38,540 crore.

In the CBLO market, there were 263 trades for Rs 12,137.7 crore in the rate range of 4.75-4.85 per cent.

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