Re steady, gilts decline

The sentiment was bullish in the forex market today. The spot rupee, which touched an intra-day high of 43.30 per dollar, closed on a steady note at 43.42 per dollar as against the last close of 43.42 per dollar.

The government securities market was cautious with the announcement of auction and the EPFO rate hike. While medium-term bond prices fell by 40 paise, short-term papers saw a decline of 20-30 paise.

The 10-year, 7.38% 2,015 bond closed at an yield of 6.72% after hitting a high of 6.74% during the day.

Call rates ruled at 4.70-4.80%, and reverse repo bids totalled Rs 23,085 crore.