Re tumbles to 44.22/$

MARKETS REPORTS

Forex market

Outlook
The spot rupee is expected to open in the range of 44.20/24 per dollar.

Sentiment: Bullish

• The spot rupee opened at 44.15 and slipped to 44.25 on demand for dollars from foreign banks before closing at 44.22.
• One month and three-month forwards inched up, while the six-month and one-year premiums ended flat at 1.45% and 1.18%, respectively.

Money market

Sentiment: Bearish

• Prices of government securities remained rangebound in a band of 5 paise across maturities.
• The benchmark 7.38 per cent 2015 closed at a yield of 6.70 per cent.
• Call rates remained at 4.75 per cent, while reverse repo subscriptions surged to Rs 20,000 crore.
• Trading interest was low as public sector banks were expected to unload gilts, said dealers.