Rupee slips for the 4th session in a row

MARKETS REPORT

Forex market

Outlook: The spot rupee is expected to open in the range of 45.38/43 to a dollar.

Sentiment: Bearish

• The spot rupee opened at 45.32/34 but gained to 45.24 after which it lost during the day to close at 45.3950/40 on account of dollar buying by oil companies.
• Forward dollars eased a bit on the back of profit taking with six-month and one-year forwards closing at 0.44 per cent and 0.43 per cent, respectively.

Money market

Sentiment: Bearish

• Gilt prices again tumbled down once again down following a bearish sentiment in the market and in preparation for the Rs 9,000 crore auction.
• Prices of long-tenor papers fell by 50-60 paise, while in the medium term, it came down by 25-30 paise.
• The 10-year benchmark closed at 5.43/44 per cent , up from 5.41 per cent on Monday.
• Call rates remained in the range of 4.20-30 per cent, while repo subscription was at Rs 13,510 crore.