Re closes higher at 46.36/$

MARKETS REPORT

Forex market

Outlook
The spot rupee is expected to open in the range of 46.32/39 to a dollar.

Sentiment: Bearish

• The spot rupee opened at 46.40/42 but dipped to 46.50 on the back of dollar demand. It, however, closed at a high of 46.35/36 on the back of dollar selling by state-run banks.
• Forward dollars remained rangebound with the six-month and one-year premiums closing at 2.74 per cent and 2.39 per cent, respectively.

MONEY MARKET

Sentiment: Bullish

• The government's decision to cut duty on crude prices perked up the market sentiment and the market opened bullish
• The 10-year 7.37 per cent 2104 closed at 6.50 per cent.
• Prices in the long end of the maturity went up by 40-50 paise, while in the medium end, it moved up by 30-40 paise.
• Ample liquidity is once again evident as repo subscription to one-day repo touched around Rs 20,000 crore.