Re ends higher at 44.56/$

MARKETS REPORT

Forex market

Outlook:
The spot rupee is likely to open in the range of 44.52-57 to a dollar.

Sentiment: Bullish

Spot rupee opened at 44.73 but backed by heavy dollar selling by corporates, it reached a seven-month high to close at 44. 55/56 to a dollar.

The annualised premium for six-month and one-year forward dollars closed at 2 per cent and 1.79 per cent, respectively.

Money market

Sentiment: Bullish

The government securities market opened weak but perked up later after the Centre released its indirect tax collection figures.

While prices in short- and medium-term papers remained flat, long-end papers moved up by 20-25 paise.

The yield on 10-year paper closed at 7.61 per cent.

Call rates came down to 6.60/65 per cent.

Liquidity in the market remained moderate as banks were seen preparing for reporting Friday.

The RBI absorbed bids worth Rs 6,900 crore from the market.