Re ends higher at 46.28/$

MARKETS REPORT

Forex market

Outlook:
The spot rupee is expected to open in the range of 46.26-30 to a dollar.

Sentiment: Bullish

The spot rupee opened at 46.31/32 and witnessed an intraday high of 47.2350 to a dollar backed by strong FII inflows.

The spot rupee closed for the day at 46.27/28 to a dollar.

The annualised premiums on the six-month and one-year forwards closed at 1.28 per cent and 1.32 per cent, respectively.

Money markets

Sentiment: Bearish

After a strong rally on Monday, the government securities market witnessed profit booking.

The prices of government securities fell by 10-20 paise across maturities.

The yield on the ten-year paper closed at 7.75 per cent after seeing a low of 7.71 per cent on Monday.

Call rates ruled around 6.05-6.10 per cent with the RBI absorbing around Rs 41,000 crore from the market.

The auction announcement failed to impact the market.