Re ends at 45.97/$

MARKETS REPORT

Forex market

Outlook:
The spot rupee is expected to open in the range of 45.98-46.05 to a dollar on Thursday

Sentiment: Bearish

Following dollar demand from foreign banks, the spot rupee opened weaker at 46.02 as against a close of 45.95 on Wednesday.

The rupee closed at 45.97 after reaching an intra-day low of 46.13 to a dollar.

The premiums on six-month and one-year forward dollars closed at 0.80 per cent and 0.98 per cent respectively.

Money market

Sentiment: Bearish

Lack of clear outlook on interest rates led to dull trading in the market.

The yield on 10-year gilt closed at 7.66 per cent.

Prices of securities moved in a narrow band of 4-5 paise during the day.

Corporate bond market remained lacklustre.

Call rates ruled around 5.5/5.6 per cent with the Reserve Bank of India (RBI) absorbing around Rs 56,000 crore from the system.