Markets Reports

Money market

Sentiment: Bullish

Prices of long-term gilts had a bull run, while the medium-term papers witnessed a moderate rally.

Short-term securities, which kwent up heavily on Monday, remained dull.

Yield on the benchmark ten-year paper, 9.81 per cent 2013, closed at 5.24 per cent.

Corporate bonds did not see much activity with the yields moving down by 2-3 basis points.

Call money rates ended lower in the range of 4.50-4.60 per cent.

Forex market

Market Sentiment: Volatile

The spot rupee touched a high of 45.8550/$ on corporate dollar sales, but ended lower at 45.87/88 as public banks bought greenbacks heavily to cover short positions.

Forwards eased with the six-month and one-year annualised premiums closing at 1.68 per cent and 1.64 per cent respectively.

Outlook

The spot rupee is expected to open on Wednesday at 46.86-88 against the dollar.