Re plummets, Gilts recover on bottom-fishing

Forex market

Outlook: The rupee is expected to open in the range of 45.40-45.45 against the greenback on Wednesday.

Sentiment: Bearish

• The rupee opened at 45.02/05 per dollar and ended lower at 45.42/44. It hit an intraday low of 45.50 on importer covering.
• Discounts on forward dollars widened as exporters booked receivables. Annualised discount on six-month and one-year dollars closed at 0.78 per cent and 0.36 per cent.

Money market

Sentiment: Bearish

• Government securities market opened on a bearish note but bounced back on buying at rock-bottom prices.
• Prices of long-term securities and medium-term gilts ended at Monday's levels.
• The yield on the ten-year benchmark paper, 7.37 per cent 2014, closed at 5.21 per cent.
• Call money rates remained soft.
• Subscriptions at the repo window stood at Rs 5,600 crore.