Re steady at 43.55/$, gilts decline

MARKETS REPORT

Forex market

Outlook
The spot rupee is likely to open in the 43. 52/55 band against the dollar on Wednesday

Sentiment: Dull

The spot rupee opened and closed at 43.54/55 after falling to a low of 43.58 against the dollar

Six-month and one-year forward dollars closed at 0.90 per cent and 0.89 per cent, respectively

Money market

Sentiment: Bearish

Concern over oil prices and rising US yields made the g-sec market jittery

Prices of long- and medium-term papers fell by 25-30 ps and those of short-term dipped by 10 ps

The 10-year 7.38 per cent 2015 paper closed at 7.04 per cent

Calls ruled soft at 5 per cent with reverse repo bids worth Rs 38,000 crore

LIC was one of the major buyers today