Re appreciates to 44.86/$

MARKETS REPORTS

 Outlook: The spot rupee is expected to open in the range of 43.90/95 to a dollar on Friday.  Sentiment: Bullish  

• The spot rupee opened on a bullish note by opening at 43.85/86 to a dollar after closing at 44.02 on Wednesday.
• Forwards remained high with six-month and one-year premiums closing at 2.08 per cent and 1.48 per cent respectively owing to importer demand.

 Money market  Sentiment: Volatile  

• Gilt prices went up on RBI governor statement on bringing inflation to 6 per cent by year end but dipped towards the end over the possibility of EPF rate hike.
• Across the board, gilt prices moved up by 30 paise.
• The benchmark 7.38 per cent 2015 gilt closed at 6.72/75 per cent against its close of 6.70 on Wednesday.
• Call money rates hovered at 4.7/8 per cent and subscriptions to the reverse repo was at Rs 2500 crore.