Re slips to 43.73/$

MARKETS REPORT

Forex market

Outlook: The spot rupee is expected to open in the range of 43. 71/74 per dollar on Wednesday.

Sentiment: Dull

• The rupee opened 43.7350/74 per dollar and rose to 43.74/76 on importer demand following rising oil prices. However, portfolio inflows lifted it to 43.7250.
• Forwards on the dollar closed rangebound with the six-month and one-year premiums at 1.49 per cent and 1.36 per cent, respectively.

Money market

Sentiment: Bearish

• Strike by PSU banks led to a dull market with thin volumes.
• Prices of long and medium-term papers fell by 20-25 paise, while the short end witnessed a fall of 10-15 paise.
• The ten year benchmark yield closed at 6.71 per cent
• Call rates ruled at 4.75 per cent while reverse repo bids were at Rs 18,000 crore.
• Corporate bond market remained quiet.