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Our Bureau

MUMBAI: The rupee on Wednesday closed 6 paise higher at 45.56/57 in its value against the dollar as compared to Tuesday's close of 45.6200.

The domestic currency opened at 45.60/61, touched an intra-day low of 45.64/65 on RBI buying up dollars, but later strengthened to 45.56/57 as foreign banks and private banks embarked on a selling spree, unwinding their long positions at the end of the day, said a dealer in a private bank.

There were also good supplies of the greenback mainly through FIIs, said dealers.

In the forwards market, there was no activity with the six months premium closing at - 0.02 per cent (0 per cent) and the one-year closing at 0.19 per cent (0.20 per cent).

The Rs 5,000-crore Open Market Operation, meant to suck out excess liquidity from the system was fully subscribed and the cut-off yield was in tune with the market expectations at 5.99 per cent with a cut-off price of Rs 98.62.

G-sec prices rallied by 40-60 paise in reaction to the OMO cut-offs and RBI not raising its inflation forecast for the year in the economic assessment report. The 8.07 per cent 2017 paper, which opened at Rs 123.50, closed higher at Rs 124. The 7.46 per cent 2017 paper opened at Rs 118.35 and closed at Rs 118.95.

While call rates were soft, bids worth over Rs 40,000 crore were accepted by the central bank through the LAF window at the repo rate of 4.5 per cent.

More Stories on : Forex | Govt Bonds

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