Re ends higher at 44.12/$

MARKETS REPORTS

Forex market

Outlook: The spot rupee is likely to open in the range of 44.08/13 to a dollar on Wednesday.

Sentiment: Bullish

• The spot rupee opened higher at 44.25/26 and closed at 44.10/12 on the back of forex inflows and export proceeds.
• Forwards went up sharply by almost 5 paise following a tightness in the call market with six-month and one-year premiums closing at 1.74 per cent 1.36 per cent.

Money market

Sentiment: Bearish

• The government announcement of additional funds for expenditure and liquidity tightening on account of advance tax outflows led to a bearish sentiment.
• Prices in long and medium-term papers fell by 20-25 paise.
• The benchmark 7.38 per cent 2018 gilt ended at 6.72 per cent against its previous close of 6.68 per cent.
• Call rates went up to 5.10/15 per cent and subscription to the one-day reverse repo was at Rs 3000 crore.