Re ends lower

MARKETS REPORT

Forex market

Outlook: The rupee is expected to move between 43.93 and 44.10 against the greenback on Wednesday.

Sentiment: Bullish

• The rupee ended lower at 43.95 per dollar. RBI intervention, coupled with mild corporate demand, pushed the currency to an intraday low of 44.02.
• Forwards continued to trade at a discount as cash-dollar shortage prompted banks to sell forward dollars.

Money market

Sentiment: Flat

• Prices of government securities moved in a narrow range as investors remained on the sidelines in the the absence of fresh triggers.
• The yield on the benchmark 10-year gilt ended flat at 5.06 per cent.
• The gilts market is expected to take cue from the Fed chief Alan Greespan's testimony.
• Call money rates ended at 4.00-4.25 per cent.
• Subscriptions to the seven-day repo auction stood at Rs 18,275 crore.