Re closes at 43.42/$

MARKETS REPORTS

Forex market

Outlook: The spot rupee is expected to open in the 43.39/41 range to a dollar on Friday.

Sentiment: Bullish

• The spot rupee opened at 43.41-43.42 on Thursday and closed at the same level, after touching an intra-day high of 43.30 to a dollar.
• Forward premiums surged on the back of export cancellations with the six-month and one-year dollars closing at 2.06 per cent and 1.68 per cent, respectively.

Money market

Sentiment: Bearish

• The market remained cautious on Thursday with the announcement of an auction and the hike in EPFO rate.
• Medium-term gilt prices fell by 40 paise, while short-term papers witnessed a fall of 20-30 paise.
• The 10-year benchmark 7.38 per cent paper closed at 6.72 per cent after touching a high of 6.74.
• Call rates ruled in the 4.70-4.80 per cent range, while reverse repo bids were at Rs 23,085 crore.