The Hindu Business Line : Rupee tad higher; bonds lacklustre

The rupee opened at 43.83/84 levels and hit a high of 43.76/77 levels in early trading. However, sustained dollar buying by PSBs brought the rupee down at the close. A hike in oil price also contributed to the rupee's downward movement.

According to a dealer with a private bank, sustained month-end demand for the dollar could see the rupee weaken in the days to come.

The forwards traded in a narrow range and closed steady on their opening levels. The six-month forward closed at 1.73 per cent as against 1.69 per cent on Friday and the 12-month forward at 1.46 per cent (1.46 per cent).

The debt market opened at Saturday's closing levels, but went up on account of fresh buying by PSBs.

The 10-year benchmark paper opened at Rs 106.53/58 levels or a yield to maturity of 6.50 per cent. It hit a high of Rs 106.65 before closing at Rs 106.57/59 levels. According to a dealer with a private bank here, there was little movement in the market, which was awaiting fresh triggers.

The interbank call money market closed almost flat at 4.70.4.75 levels. According to a dealer there was ample liquidity in the market with Rs 13,000 crore being put through in liquidity adjustment facility.

In the CBLO market, 143 trades aggregating Rs 7,047 crore was put through in the rate range of 4.5-4.8 per cent.

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