Re closes higher at 43.79

MARKETS REPORT

Forex market

Outlook: The rupee is expected to open in a wide range of 43.74/80 to a dollar depending on the purchase index data to be released in the US.

Sentiment: Bearish

• A depreciating euro and dollar buying by foreign banks saw the rupee hit the day's low of 43.87 after opening at 43.80/81. It, however, closed higher at 43.77/79 to a dollar.
• The six-month and one-year foward dollars closed at 2.08 per cent and 1.59 per cent respectively.

Money market

Sentiment: Bearish

• Even as the inflation for the week ended January 1 figured at 5.78 per cent, the market failed to rally owing to high oil prices.
• Prices of long-term securities fell by 35-40 paise, while short and medium-tenure prices came down by 15-20 paise.
• The yield on the benchmark 10-year 7.38 per cent 2015 closed at 6.64 per cent.
• Call money rates were at 4.75 per cent, with reverse repo bids seen at over Rs 14,000 crore.