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MUMBAI: The rupee further depreciated against the dollar as there was heavy dollar buying by state-run banks.

The domestic currency opened at 43.56/57 and reached an intra-day high of 43.55on foreign institutional investor inflows. It, however, fell and closed the day at 43.59/60.

Dealers said with the price of crude zooming past $65 a barrel, there was some demand from oil importers.

A dealer said the RBI was seen preventing appreciation of the rupee by buying dollars through PSU banks.

In the forward premia market, the 6-month premium closed at 0.8 per cent (0.75) and the 12-month premium closed at 0.84 per cent (0.8).

In the bond market, prices opened weak on higher crude prices and the US yields touching 4.39 per cent YTM.

A dealer at a private bank said, "Prices rose during the day in a pre-market rally. But after the auction cut-off was declared, there was a slight fall."

Dealers said that in the auction, the cut-off price of the 8.07 per cent, 2017 paper at Rs 107.17 was in line with the market expectations while in the case of the 7.5 per cent, 2034 paper, the cut-off price of Rs 100.65 was higher than the anticipated Rs 99.50.

The 10.21 per cent, 2021 paper, currently the most active, opened at Rs 125.25 (7.49 per cent YTM) and rose to an intra-day high of Rs 126.10. It then fell to close at Rs 125.70 (7.45 per cent YTM), slightly higher than Wednesday's Rs 125.60 (7.46 per cent YTM).

The 7.37 per cent, 9-year, 2014 paper opened at Rs 102.51 (6.98 per cent YTM) and closed at Rs 102.65 (6.95 per cent YTM). The 7.38 per cent, 2015 paper was dealt at Rs 102.55 (7.02 per cent YTM).

The call rate was at 5-5.05 per cent (4.95). In the one-day reverse repo auction, the RBI received and accepted 51 bids amounting to Rs 37,545 crore. In the CBLO market, there were 268 trades for Rs 12,139.20 crore in the rate range of 2.5-4.85 per cent.

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