Re ends at 43.53/$ after touching a 7 year intra-day high

MARKETS REPORTS

Forex market

Outlook: The spot rupee is expected to open in the range of 43.49/53 to a dollar on Wednesday.

Sentiment: Moderate

• The spot rupee opened and closed at 43.52/53 to a dollar before reaching its seven-year intra-day high of 43.37/38 .
• Forwards tracked the spot rupee with the six-month and one-year premiums closing at 1.78 per cent and 1.35 per cent.

Money market

Sentiment: Bullish

• The gilts market was bullish with an overhang of excess liquidity in the system.
• Prices in long-term papers went up by 75 paise whereas the medium and short term saw prices moving up by 50 paise.
• The benchmark 10-year 7.38 per cent 2015 gilt closed at 6.47 per cent against its close of 6.53 per cent on Monday.
• Call rates ruled in the range of 4.75.78 per cent with reverse repo bids figuring at Rs 40,000 crore.
• The 9.39 per cent 2011 government paper was auctioned at a cut-off yield of 6.52 per cent.