Re ends flat at 43.59/$

MARKETS REPORT

Forex market

Outlook
The spot rupee is expected to open in the range of 43.49/50 to a dollar on Wednesday.

Sentiment: Bullish

The rupee closed flat at 43.49, after touching a high of 43.40 in morning trade.

Increase in trade deficit by over 100 per cent to $3.85 billion in April wiped out gains in the rupee.

Money market

Sentiment: Bearish

The auction of 10-year 7.77 per cent state government loans offered arbitrage opportunities, with the 7.38 per cent 2015 paper trading in 7.16 to 7.18 per cent range.

The 7.38 per cent closed at 7.18 per cent, nearly unchanged.

The overnight call money rate closed lower at 4.90 per cent against 4.95 per cent.

The Reserve Bank of India (RBI) received 35 bids for Rs 21,900 crore in reverse repo auction.