Re ends with a gain at 44.30/$

MARKET REPORTS

Forex market

Outlook
The spot rupee is expected to open in the range of 44.25-30 to a dollar.

Sentiment: Bullish

Dollar sale by foreign banks led to the rupee strengthening from an opening of 44.55/57 to a close of 44.29/30.

Forwards closed rangebound with the six-month and one-year premiums closing at 1.53 per cent and 1.22 per cent respectively.

Money market

Sentiment: Bearish

Prices in the long and medium term government securities moved down by 40 paise.

The benchmark paper 7.38 per cent 2015 closed at a high of 6.70 per cent as against a close of 6.60 per cent last week.

Call rates were at Rs 4.60/70 per cent while the subscription to the reverse repo was at Rs 8,800 crore.