Re ends stronger at 44.67/$

MARKETS REPORT

Forex market

Outlook:
The spot rupee is expected to open in the 44.64-44.70 against the dollar.

Sentiment: Bullish

The spot market opened at 44.82-44.83 but gained during the day to close at a high of 44.6650-44.67 backed by dollar sales by foreign banks on behalf of their custodian clients

The six-month and one-year annualised premiums closed at 3.05 per cent and 2.62 per cent, respectively

Money market

Sentiment: Bearish

The market remained rangebound across maturities since banks were busy setting aside funds for liquidity

Yield on the ten-year benchmark paper closed at 7.67 per cent after reaching an intra-day high of 7.68 per cent

Call rates inched up to a high of 8.10/8.25 per cent even as the RBI absorbed around Rs 5,000 crore

Prices of securities moved in a narrow band of 2-3 paise

Call rates zoomed up since banks exhausted counterparty limits with other banks