Re dips to 43.79/$

MARKETS REPORTS

Forex market

Outlook: The spot rupee is expected to open in the range of 43.76/79 to a dollar.

Sentiment: Bearish

• Tracking an appreciating dollar globally, the spot rupee opened at 43.77/78 on Monday and dipped to 43.7950 to a dollar before closing at 43.7750.
• Forward premiums tracked the spot rupee with the six-month and one-year premiums closing at 1.64 per cent and 1.37 per cent, respectively.

Money market

Sentiment: Bearish

• The gilts market reeled under a bearish sentiment on concerns over the impact of rising interest rates on government papers.
• The yield on the 10-year benchmark 7.38 per cent 2015 paper closed higher at 6.75 per cent.
• Prices of long-and- medium-term papers fell by 15-40 paise.
• Call rates ruled soft at 4.70 per cent, while reverse repo bids stood at Rs 31,865 crore.
• The cut-off yield at the auction of the 2012 paper on Tuesday will be crucial.