Re ends week at 44.02/$

MARKETS REPORT

Forex market

Outlook The local currency is likely to open at 43.95/98 on Monday. The market will be closed on Friday since banks will not be functioning

Sentiment: Bearish

The rupee closed at 44.01/02 against the dollar after opening at 44.03.

The six-month premium closed at 0.75 per cent and the 12-month premium closed at 0.70 per cent

Money market

Sentiment: Bearish

Call rates plunged to 1-2 per cent as banks had covered their positions yesterday itself

The Reserve Bank of India accepted 35 bids aggregating Rs 25,705 crore at one-day reverse repo auction at 5 per cent

The benchmark yield breached the 7 per cent mark to close at 7.02 per cent

The market witnessed thin trades in the absence of state-owned banks on account of one-day strike of bank staff across the country

With banks shut for half-yearly close on Friday, the volumes are expected to remain low on Friday