Re inches to 45.10/$

MARKETS REPORT

Forex market

Outlook
The spot rupee is expected to open in the 45.08/11 range against the dollar on Wednesday.

Sentiment: Bearish

The spot rupee opened at 45.16/18 against the dollar but closed higher at 45.09/10, since banks sold dollars

Premiums on six-month and one-year forward dollars closed with 0.59 per cent and 0.53 per cent.

Money market

Sentiment: Bearish

Even as the RBI hiked repo and reverse repo rates by 25 basis points each, yields in government securities went up because of brisk buying by banks and primary dealers

Prices of long-term papers shot up by 50-60 paise, whereas medium- to short-term papers saw prices going up by 25-45 paise

The ten-year paper closed at 7.02/03 per cent

Call rates closed at 5.05 per cent with reverse repo bids at Rs 12,215 crore

Corporate bond markets remained lacklustre