Re ends three-year low level at 46.75/$

MARKETS REPORT

Outlook:
The spot rupee is expected to open in the range of 46.73-77 to a dollar.

Sentiment: Bearish

The spot rupee opened at 46.47/48 but closed at a more than a two-year high of 46.74/75 to a dollar.

The annualised premiums on six-month and one-year forward dollars closed at 0.97 per cent and 1.12 per cent, respectively.

Money market

Sentiment: Bearish

Prices of government securities firmed up by 5-10 paise following buying demand from banks.

The yield on the 10-year paper closed at 8.36 per cent.

Call rates ruled around 5.8/5.9 per cent with the RBI absorbing around Rs 42,000 crore from the system.

The market players refrained from, maintaining up long positions as they prefer waiting for interest rate signals from the RBI in its policy next week.

Corporate bond market witnessed moderate trading.