Markets Report

Money market

Sentiment: Dull

• The market remained dull for most part of Thursday except for a four-five piase movement after the Moody's upgraded India to investment grade.
• Long and medium term gilts remained range-bound within the 5-10 paise range.
• Call rates hovered around 4.40-50 per cent, while repo subscriptions stood at around Rs 23,000 crore.
• The 10-year benchmark gilt closed at 5.13 per cent.

Forex market

Sentiment: Bullish on rupee

• The rupee ended barely changed from Wednesday at 45.3925/4025 per dollar as dollar supplies, foreign fund outflows and corporate purchases matched.
• Forward premiums eased on a bullish outlook for the Indian currency. The six-month forward ended at 0.57% from 0.77%.

Outlook:

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The rupee may start Friday on a firmer note as the market reacts to Moody's upgrading of India.