Re moves up to 43.71/$

MARKETS REPORT

Forex market

Outlook: The spot rupee is expected to open in a wide range of 43.67/ 72 as dealers expect a dollar bearish trade data from the US.

Sentiment: Bearish

• The spot rupee opened at 43.74/75 and backed by dollar sales by exporters closed higher at 43.70/71 to a dollar.
• Forward dollars closed rangebound with the six-month and one-year dollar premiums at 1.78 per cent and 1.46 per cent respectively.

Money market

Sentiment: Bearish

• Gilt prices remained rangebound amid bearish sentiment.
• The 10-year benchmark 7.38 per cent 2015 closed at 7.01/02 per cent.
• The newly auctioned paper 6.85 per cent 2012 is trading at 10 basis point higher against the cut-off yield of 6.80 per cent.
• Call rates ruled at 6.75/80 per cent and reverse repo bids were at Rs 31,000 crore.
• Corporate bonds market was flat.