Rupee gains further ground

MARKETS REPORT

Forex market

Outlook: The rupee is expected to open between 45.19 and 45.25 against the greenback on Thursday.

Market Sentiment: Dull

• The rupee opened at 45.43/45 per dollar and ended higher at 45.22/24. The currency hit an intra day high of 45.14/15 due to exporters' greenback sales.
• Discounts on forward dollars widened. Annualised discount on six-month and one-year dollars closed higher at 0.61 per cent and 0.27 per cent.

Money market

Sentiment: Volatile

• Government security prices ended lower in choppy trades on the RBI's stable stance towards interest rates and the announcement of Rs 8,000 crore state government paper sale.
• Prices of long-term gilts slid by 20 paise, while those of medium-term securities went down by 10 paise.
• The yield on the ten-year benchmark paper ended flat at 5.18 per cent.