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Outlook:
The spot rupee is expected to open in the range of 45. 23-27 to a dollar. |
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Sentiment: Bullish
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A strong yen pushed the rupee higher against the dollar at 45.39/40 against its Monday's closing of 45.43/44.
The rupee further appreciated to close at a high of 45. 27/28 to a dollar.
Factoring a rate hike in the forthcoming monetary policy, the forward premium on six-month and one-year forward dollars closed at 1.72 per cent and 1.61 per cent, respectively. |
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| Money market |
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Sentiment: Bearish
Higher inflation and strain on liquidity have resulted in the market to factor a rate hike in the forthcoming monetary policy.
Prices of securities fell by 4-5 paise across maturities.
The yield on the 10-year paper closed at a 7.67 per cent.
The Reserve Bank of India (RBI) absorbed around Rs 3925 crore from the market even as the call rates hovered around 6.70/80 per cent .
Inflation has been ruling high owing to rising prices of essential commodities. |
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