Re closed at 43.46/$

MARKETS REPORT

Forex market

Outlook: The spot rupee is expected to open in the range of 43.44/47 to a dollar on Wednesday.

Sentiment: Bullish

• The spot rupee opened at 43.57/68 and closed higher at 43.46/47 to a dollar.
• The six-month and one-year forward dollars closed at 1.03 per cent 1 per cent, respectively.

Money market

Sentiment: bullish

• Prices of government securities rallied following the euphoria of RBI not tinkering with interest rates.
• Prices of long-term papers went up by Rs 3, while short and medium term gilts prices rose by almost Re1.
• The benchmark 7.38 per cent 2015 gilt closed almost 21 basis points lower at 6.95 per cent against 7.16 per cent on Monday.
• Call rates closed at 5.05 per cent, while reverse repo bids were at around Rs 12,000 crore.
• Market is of the view that rally will continue for sometime before the market halts for taking a long term view.