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MUMBAI: The rupee weakened further against the dollar on Wednesday on the back of demand for the latter from importers.

The rupee opened at 43.56/57 and edged down to end at 43.58/59, weaker than Tuesday's close of 43.5725.

However, dealers said with dollar inflows continuing, the rupee would be range-bound between 43.50-60 during the week.

In the forward premia, there was a fall, as the 12-month premium closed at 1.28 per cent (1.32) and the 6-month at 1.45 per cent (1.49).

The bond market opened lower but improved during the day to close 15-20 paise higher than yesterday's close, said dealers. Following the Rs 10,000-crore government auction on Tuesday, there was a lot of selling by primary dealers keen to lighten their holdings. This led to the fall in bond prices during the day. When selling eased, prices recovered towards the end of the session.

The 7.27-per cent 8-year 2013 paper, which is currently active, opened at Rs 101.10 (7.09 per cent YTM), touched Rs 101 (7.10 per cent YTM) and ended the day at Rs 101.38 (7.04 per cent), up from yesterday's cut off of Rs 101.26.

The 7.38-per cent 10-year 2015 benchmark paper was dealt at Rs 101.85 (7.12 per cent YTM) against Tuesday's level of Rs 102.22 (7.068 per cent YTM).

The 7.55-per cent 5-year 2010 paper opened at Rs 103.30/33 (6.75 per cent YTM), went up to Rs 103.22/25 and closed at Rs 103.45/50 (6.70 per cent YTM).

Call rates were between 5-5.10 per cent (5 per cent). In the one-day reverse repo auction, under the liquidity adjustment facility, RBI received and accepted 17 bids, amounting to Rs 9,470 crore. The CBLO market saw 217 trades being put through in the rate range of 4.95-5.35 per cent aggregating Rs 9,480.65 crore.

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