Re ends weaker at 46.62/$

MARKETS REPORT

Outlook:
The spot rupee is expected to open in the range of 46.58-62 to a dollar.

Sentiment: Bearish

The spot rupee opened at 46.52/54 but lost to close at 46.61/62 following dollar buying of around $ 550 million by a single corporate.

The annualised premium on six-month and one-year forward dollars closed at 1.22 per cent and 1.24 per cent respectively.

Money market

Sentiment: Bearish

Trading was cautious since the market was preparing for a holiday season.

Prices of government securities fell by 20-25 paise across maturities.

The yield on the 10-year paper closed at 8.14 per cent.

Call rates closed at 6.05 per cent but ruled higher during the day .

The Reserve Bank of India (RBI) could absorb only Rs 20,000 crore from the market since banks were reluctant to lend.