Re ends at 44.51/$

MARKETS REPORT

Forex market

Outlook:

The spot rupee is expected to open in the range of 44.49/52 to a dollar.

Sentiment: Bearish

The spot rupee opened at 44.53/54 to a dollar but gained to close at 44.50/51 after reaching the day's high of 44.49.

Premium on forward dollars continued to rule higher with six-month and one-year forward dollars commanding 2.68 per cent and 2.10 per cent respectively.

Money market

Sentiment: Bearish

For the first time after two months, there was reverse repo bids indicating absorption of liquidity by the RBI of Rs 1,525 crore in the liquidity adjustment facility.

Even as liquidity improved, anticipating a liquidity crunch after advance taxes, the market remain rangebound.

The top traded 8.07 per cent 2017 gilt closed at 7.41 per cent.

Call rates ruled easy around 6.5 per cent.

For the first time after two months, there was reverse repo bids indicating absorption of liquidity by the RBI of Rs 1525 crore.

Corporate bond market remained lacklustre.