Re drops to 43.84/$, gilts decline

MARKETS REPORT

Outlook
The spot rupee is expected to open in the range of 43. 82/85 to a dollar on Monday.

Sentiment: Bullish

The spot rupee opened at 43. 80/82 and fell to 43.85/86 before closing for the day at 43.84/8475 to a dollar.

The six-month and one-year forward dollars closed at 0.55 per cent and 0.61 per cent respectively.

Money market

Sentiment: Bullish

The gilts market went into a correction with prices falling in major traded securities.

Prices of the top traded 10.25 per cent 2021 gilt fell by 20/25 paise, whereas long-end papers saw prices coming down by 40 paise.

The 10-year gilt closed at 7.05 per cent.

Reverse repo bids stood at Rs 48,000 crore with calls rates quoting at 5.05 per cent.

The corporate bond market remained lacklustre.