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MUMBAI: The rupee ended at 43.78 against the US dollar on Monday, lower than the previous close of 43.75/7550.

The rupee hit an intra-day low of 43.82/83 after opening at 43.79/80 and remained largely range-bound.

There was some dollar buying by State-run banks. A dealer at a private bank said, "The euro and the yen have been declining for some time and hence it is inevitable that the rupee will also depreciate against the greenback. But the RBI is keeping an eye on the REER (real effective exchange rate) and will intervene."

The possibility of an RBI intervention brought some buoyancy back to the rupee.

The forward premia market rose with the six-month premium closing at 1.73/75 per cent (1.52) and the 12-month premium closing at 1.44/46 per cent (1. 37).

"The forward premia market usually eases out when it does not agree with RBI intervention. But in this case there is a sound logic to the intervention," said a dealer.

The bond prices rose by around 20 paise but remained largely range-bound.

The 7.38 per cent 10 year benchmark paper closed at Rs 105.42 (6.65 per cent YTM) on Monday as against Thursday's close of Rs 105.20/25 (6.67 per cent YTM). It had opened at Rs 105.30 (6.68 per cent YTM).

A dealer at a private bank said, "The bond prices have been behaving in tune with the oil prices. As a result there is a marginal rise or fall."

In the one-day reverse repo under the Liquidity Adjustment Facility, RBI received and accepted 37 bids amounting to Rs 23,660 crore.

The call rate closed at 4.75 per cent. In the CBLO market, 177 trades aggregating Rs 6,033.10 crore was put through in the rate range of 0.20 to 5.20 per cent.

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