Market Reports

Money market

Sentiment: Bullish

Prices of government securities went up by 20-30 paise across maturities in response to the rate cut by the European Central Bank and expectations of a repo rate cut.

However, with RBI officials ruling out any immediate cut in the repo rate, prices came down by 15 paise.

The 9.81 per cent 2013 paper closed at 5.77 per cent after hitting lows of 5.75 per cent in intra-day trades.

Call rates hovered around 4.95 per cent with repo subscriptions at Rs 19,000 crore.

Forex market

Market Sentiment: Bullish

The rupee opened higher at Rs 46.85 and closed at Rs 46.88 after hitting highs of Rs 46.82. Six-month and one-year forward premiums ended up at 1.82 per cent and 1.74 per cent, respectively.

Outlook:

The rupee is expected to open in the Rs 46.83-85 range against the US dollar on Monday.