Re moves up to 44.03/$, gilts rally

The spot rupee opened at 44.09 per dollar, and dropped to a low 44.12 before recovering to close at 44.03 per dollar today.

Sentiment was bullish in the government securities market today.

Lower US yields and moderating oil prices led to buying interest, and prices of medium and long term papers rose by 15-25 paise.

The 10-year, 7.38% 2,015 bond closed at an yield of 7.03%.

Call rates were comfortbale at 5.05%, and reverse repo bids totalled Rs 26,500 crore.