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Our Bureau

MUMBAI: The rupee closed at 43.79-43.80 against the dollar on Thursday, after making some initial gains in line with the dollar's weakness against other international currencies.

The domestic currency had finished the previous session at 43.80 levels.

According to a foreign exchange dealer with a private bank here, the rupee opened on a firm note at 43.75 and traded at those levels for most part of the day. However, it gave up the gains towards the fag end of trading, as the dollar spiked up against other international currencies on month-end demand.

"The dollar/rupee trade moved in tandem with overseas markets for most part of the day. It firmed up against the US currency in line with the movement of the euro and other international currencies," the forex dealer said.

The intra-day high of the rupee was 43.74/75 while the low was around 43.79.

A possible upward revaluation of the yuan versus the dollar, following next week's G-7 meeting, may see Asian currencies appreciate moderately against the greenback.

This, along with a possible correction in the stock markets, may help rupee appreciate to 43.65-43.70 levels next week, he said.

The forwards market had a number of bids. Some import covering was seen through the day. The six-month forward closed firmer at 2.35 per cent (2.28 per cent), and the one-year paper at 1.93 per cent (1.88 per cent).

The debt market saw a lacklustre session with the market displaying adequate liquidity. There were not many buyers ahead of the auction announcements next week and with oil prices holding firm.

The benchmark 7.38 per cent paper closed flat at 6.76 per cent after trading in a tight 4-5 paise band.

The inter-bank call money market was flat with adequate liquidity in the market. Call rates closed at 4.75-4.85 per cent as against the previous close of 4.65-4.80 per cent.

In the CBLO market, 131 bids accounting for a volume of Rs 5,248.90 crore were put through in the range of 4.61-4.90 per cent.

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