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MUMBAI: Demand for dollar from oil companies as well as the US currency's strong position in the overseas markets drove the rupee down on Tuesday.

The rupee opened at 43.84/85 and closed at 43.91 against the earlier level of 43.8350.

A dealer with a private bank said there was no substantial movement in the market. The cash-dollar shortage has also smoothened out. The forward premia market too was marginally up, with the 6-month premium closing at 0.65 per cent (0.65 per cent) and the 12-month premium at 0.68 per cent (0.62 per cent).

Bond prices had been lacklustre the whole of last week and the sluggish mood continued this week with a movement of only 6 paise in both directions. The two conflicting factors that affected the bond market were oil prices, which came down by $2.5 per barrel and the US yields which rose to 4.16 from 4.07-4.08, said a dealer.

The 10.25-16 year-2021 paper opened at Rs 126.4 (7.38 per cent) and closed at Rs 126.36 (7.38 per cent YTM), almost unchanged from the earlier level of Rs 126.35 (7.38 per cent YTM). The 5.69-13 year-2018 paper opened at Rs 87.33 (7.2050 per cent YTM) and closed at Rs 87.29 (7.2099) against Monday's level of Rs 87.29 (7.21 per cent YTM).

The 7.38-10 year-2015 benchmark paper was dealt at Rs 102.64 (7 per cent YTM) against the previous level of Rs 102.55 (7.02 per cent YTM).

Call rates were between 4.9 and 5.05 per cent (5-5.05 per cent). In the one-day reverse repo auction, the RBI received and accepted 48 bids amounting to Rs 47,150 crore. In the CBLO market, there were 237 trades for Rs 8647.95 crore in the rate range of 3.52- 5.04 per cent.

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