According to dealers in the money and forex market, the market makers like the State Bank of India, Bank of India and other nationalised and foreign banks were absent in the market. "On the forex front, no trading was done at interbank level. Activities in the forex market were confined only one or two deals struck between corporates," said a dealer from a foreign bank.

In the money market, activities came to a stand still as most banks and primary dealers had covered their CRR requirement much ahead of the reporting Friday. "Most banks and primary dealers bought and sold securities on Wednesday for Saturday and Monday value," dealers said.

However, some deals were struck in 11.40 per cent 2000 paper at Rs 100.265. "Most banks and primary dealers bought and sold securities on Wednesday for Saturday and Monday value," dealers said. The wholesale debt market of NSE witnessed trades worth Rs 32.63 crore. One repo deal was worth Rs 20 crore was struck at 9.45 per cent for a 14-day maturity period.

Meanwhile, the Reserve Bank of India's clearing house was functional on Thursday. The central bank received and accepted one application for a fixed rate four-day repo worth Rs 40 crore in the Government of India dated securities at 8 per cent as against the previous day's mop-up worth Rs 18 crore.

According to forex dealers, most banks on Wednesday had covered their long positions anticipating the two-day bank strike and the union budget which will be presented on Saturday.

"Not even a single interbank deal was struck on Thursday by banks. However, a few corporates were seen quoting between 42.57/58 against the dollar, unchanged from Wednesday's closing levels," said a forex dealer from a foreign bank.

Against the backdrop of the grim macro economic picture portrayed in the economic survey, banks bought dollars on behalf of corporates on Wednesday which pushed the rupee down to the low of 42.57/58 against the greenback. "At present, no demand is seen in the market as corporates have already covered their open long positions," dealer said.

All the nine primary dealers were absent form the money market on Thursday. However, a few deals were struck between 7.50-9 per cent. "A couple of banks having excess funds were lending in call market. However, there were no borrowers in need of funds," money market dealers said.

Forward deals were done for Saturday and Monday value in a few short- and medium-term gilts. The 11.40 per cent 2000 paper was traded at Rs 100.28 (Rs 100.26), 11.55 per cent 2001 at Rs 100.275 (Rs 100.25), 11.68 per cent 2002 paper at Rs 100.15 (Rs 100.14), 12.50 per cent 2004 paper at Rs 102.26 (Rs 102.25), 11.64 per cent 2000 paper at Rs 100.67 on Wednesday.