Re drops to 46.32/$ at close

MARKETS REPORT

Forex market

Outlook
The rupee is expected to open between 46.28 and 46.34 against the dollar on Monday.

Sentiment: Bearish

• The rupee opened at 46.20/22 per dollar and ended lower at 46.30/32. It touched an intraday high of 46.18.
• Premiums on forward dollars remained rangebound. Annualised premiums on six-month and one-year dollars closing at 2.66 per cent and 2.40 per cent respectively.

Money market

Sentiment: Bullish

• Government security prices opened lower, but shot up on the Reserve Bank of India's decision to start one-day repo once again.
• Prices of long-term paper ended higher by Re 1, while those of medium- and short-term gilts gained 20-30 paise.
• The yield on ten-year benchmark paper, 7.37 per cent 2014, closed lower at 6.54 per cent, compared with 6.65 per cent on Thursday. It touched an intraday high of 6.73 per cent.
• Call money rates ended lower at 4.5 per cent.