Forex inflows lifts Re to 43.66/$

MARKETS REPORTS

Forex market

Outlook: The spot rupee is expected to open in the range of 43.72/75 to a dollar on Wednesday.

Sentiment: Bearish

• Forex inflows lifted the rupee to 43.66 on Tuesday, after opening at 43.80/81, but dipped to close at 43.7350/7450 amid RBI intervention.
• Tracking the rupee, forward premiums came off substantially with the six-month and one-year dollars closing at 1.32 per cent and 1.36 per cent, respectively.

Money market

Sentiment: Bearish

• Lack of triggers led to a range-bound market.
• While prices of long-term gilts moved up by 30-40 paise owing to buying by LIC, short and medium-term papers closed flat.
• The 10-year benchmark 7.38 per cent 2015 closed at 6.51 per cent.
• Call money rates ruled at 4.65/70 per cent and the reverse repo bids were at Rs 21,000 crore.