MUMBAI, July 1: The interbank call rate opened at 4.50-4.75 per cent, slightly higher from the previous traded day's range of 4.25-4.50 per cent, dealers said.

On Monday, the interbank call market was inactive because the RBI was closed for finalisation of its annual accounts. The call was last traded on Saturday. The call rate touched an intraday high of 5 per cent today but did not sustain at those levels for long as supplies were ample, dealers said.

The call rate closed lower from the opening level at 4.0-4.5 per cent. The rate is expected to move in a range of 5-8 per cent on Wednesday because money is seen tight following the outflow from the system through RBI's repo auction.The banking system will witness an outflow of Rs 4,100 crore via three-day repo deals with the RBI on Wednesday. The outflow is seen pushing up the overnight rates from the present levels, dealers said.

FORECAST: Call rates seen firmer on Wednesday. May move in a 5-8 per cent range.Spot dollar: The rupee stayed stuck at the opening range of 35.81-35.82 to a dollar on Tuesday, in a market where demand and supplies were equal, dealers said.

Unlike the previous week, the rupee did not show signs of firming, dealers said. This is mainly because dollar inflows are not large enough to firm the rupee, they said. Besides importers are also seen keenly bidding for the US currency around these levels, a dealer at a private-owned bank said.

The rupee closed at 35.8150-35.8200, unchanged from the previous day's closing level, dealers said. In early trading a few banks tired to push up the dollar to higher levels but there were no takers, dealers said.

``A few banks also spread rumours that the RBI had stepped in and purchased dollars,'' a dealer at a brokerage said.

State Bank of India was inactive in the forex market, dealers said.FORECAST: Rupee seen in a similar range on Wednesday.

Forward premia: Premium on the dollar opened unchanged from the previous day's closing levels but dipped toward close on some selling pressure, dealers said.

Six-month dollar opened at 3.45 per cent over the spot dollar, unchanged from the previous day's close, and dipped to an intraday low of 3.28 per cent, dealers said.

The six-month dollar, recovered most of its lost ground toward closing and ended marginally below the opening level at 3.4 per cent, dealers said.The premiums recovered because there was good buying in October, November and December delivery dollars by a large corporate, dealers said.

There was no intervention by the Reserve Bank of India on Tuesday. State Bank of India, usually a large player in the forex market was a passive player today, dealers said.

FORECAST: Premiums may ease marginally on Tuesday. Six-month dollar seen around 3.3-3.2 per cent.

Gilts: The government bond market witnessed mixed activity on Tuesday with both sellers as well as buyers entering the market simultaneously, dealers said.

While prices in the near-term bonds remained nearly stagnant or dipped slightly, medium-term bonds showed some appreciation, they said.The 13.05-per cent bonds, 1998 stayed steady at the previous day's traded level of Rs 103.38. The 10.75-per cent bonds, 2000 dipped marginally to Rs 98.90 from the previous day's traded range of Rs 99.15 while at the longer, the 12.59-per cent bonds, 2004 traded higher at Rs 100.57 from the previous day's low of Rs 100.50. Volumes at the NSE were Rs 349 crore compared with the previous day's traded level of Rs 380 crore. At the three-day repo auction, the RBI lowered the repo rate to 3.95 per cent from the previous level of 4 per cent awarded last week.

FORECAST: Activity seen restricted on Wednesday. Prices may dip as banks are likely to sell.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.