Rupee gains on exporters' dollar sales

MARKETS REPORT

Forex market

Outlook: The rupee is expected to open between 45.46 and 45.52 against the greenback on Wednesday.

Sentiment: Dull

• The rupee opened at 45.53/56 per dollar and closing higher at 45.47/48. It hit an intraday high of 45.41 on exporters' dollar sales.
• Discounts on forward dollars remained flat. Annualised discount on 6-month and 1-year dollars ended at 0.22 per cent and 0.07 per cent.

Money market

Sentiment: Bullish

• Government security prices ended higher on a rebound in equities and status quo in the RBI's annual policy statement.
• Prices of long-term gilts vaulted by almost Re 1, while those of medium-term securities moved up by 50-60 paise.
• The yield on the ten-year benchmark paper, 7.37 per cent 2014, closed lower at 5.18 per cent, compared with 5.26 per cent on Monday.
• Call money rates remained comfortable.