Markets Reports

Money market

Sentiment: Bullish

• The government's low fiscal deficit target and the proposed cancellation of scheduled gilts auction strengthened the market sentiment.
• Prices of the long term government securities rose by 25-30 paise, while those of the medium-term papers went up by 15-20 paise.
• The yield on the ten-year benchmark paper ended lower at 5.16-5.17 per cent.
• Call money rates closed at 4.30 per cent.
• Repo subscriptions touched Rs 45,000 crore amid abundant liquidtity in the banking system.

Forex market

Sentiment: Bullish

• The rupee opened at 45.2950/30 and closed around 45.28/29 before falling to 45.3250 per dollar.
• Forward premiums eased as the market witnessed cash dollar shortage. The annualised premiums on the six-month and one-year dollars closed at 0.95 per cent and 0.80 per cent respectively.

Outlook

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The rupee is expected to open in the range of 45.27-45.31 per dollar.