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MUMBAI: The rupee ended a shade lower against the dollar on Wednesday on an equal mix of buying and selling.

Dealers said the domestic currency tracked the movement of the stock market during the day. It opened at 43.88 and moved to a low of 43.9250 as the Sensex was volatile with a range of 235 points. The home currency recovered to close at 43.88, marginally down from Tuesday's 43.87/8750 as the stock market moved up.

Dealers said that trade was largely between inter-bank players. There was also some oil importer-related demand for dollars, said dealers. In the forward premia market, the 12-month premium closed at 0.75 per cent (0.69) and the 6-month premium at 0.78 per cent (0.71).

The bond market was bearish after the US Fed hiked interest rates for the 11th time in a row and indicated further increases. It is likely that rates in US may touch 4.25 per cent by the end of this calendar year. This evoked mixed reactions from the Indian bond market, with prices staying in negative territory, said dealers.

The 10.25 16 year-2021 paper opened at Rs 126.53 (7.36 per cent) and ended at Rs 126.43 (7.37 per cent YTM), lower from the earlier close of Rs 126.54 (7.36 per cent YTM). The 7.37 per cent 9 year-2014 paper opened at Rs 102.73 (6.93 per cent YTM) and closed at Rs 102.68 (6.94 per cent YTM), against Tuesday's close of Rs 102.74 (6.93 per cent YTM).The 7.38 per cent 10-year benchmark 2015 paper was unchanged from the previous level of Rs 102.68 (7 per cent YTM).

Call rates were between 5.05 per cent and 5.10 per cent (5.10-5.05 per cent). In the one-day reverse repo auction, RBI received and accepted 32 bids amounting to Rs 14,205 crore. In the CBLO market, there were 200 trades for Rs 8,278.25 crore in the rate range of 4.75-5.05 per cent.

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Rupee volatile; bonds bearish

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