Re slips to 44.72/$

MARKETS REPORT

Outlook
The spot rupee is expected to open in the range of 44.80/90 on Monday.

Sentiment: Cautious

The spot rupee opened at 44.31/34 but slipped to the day's low of 44.80 before closing at 44.72 to a dollar.

Forwards closed higher with the six-month and one-year premiums at 1.60 per cent and 1.28 per cent respectively.

Money market

Sentiment: Bullish

Gilt prices rallied on the back of government's assurance that the worst on inflation is over and has been figured at 7.30 per cent.

Prices of long and medium-tenure gilts went up by 50/60 paise, whereas the short-term segment saw a price rally of 40 paise.

The benchmark 7.38 per cent 2015 gilt closed at 6.60 per cent against its previous close of 6.72 per cent.

Call rates remained soft at 4.4/4.6 per cent and subscription to the reverse repo was at Rs 15,000 crore.