Re firms up to 43.81/$; gilts rally

The sentiment was bullish in the forex market today.

The spot rupee opened at 43.84/86 per dollar, and tracked the dollar weakness globally to firm up and close at 43.80/8150 per dollar.

The spot rupee is expected to open in the range of 43.78/83 per dollar tomorrow.

Triggers like declining oil prices and moderate inflation in the coming weeks due to the base effect perked up gilt prices across maturities today. While the prices of long-term gilts went up by 45-50 paise, short and medium-term papers rallied by 20-35 paise.

The 7.38% 2,015 bond closed at an yield of 6.55% as against 6.58% on Monday.

Call rates ruled at 4.75-4.8%, and reverse repo bids were above Rs 7,000 crore.