Rupee slips to close at 46.02

MARKETS REPORT

Forex market

Outlook
The spot rupee is likely to open in the range of 45.98/46.04 to a dollar.

Sentiment: Bearish

• The spot rupee opened in a wide range of 45.91/95 but slipped to close at 46.02. Intraday, the rupee, however, found support at 45.92/94 to a dollar.
• Forward dollars inched up with six-month and one-year premiums closing at 1.74 per cent and 1.59 per cent respectively.

Money market

Sentiment: Bullish

• The bearish sentiment in the market further deepened as no rate cut was announced at the EPFO meeting held on Tuesday.
• Prices at the long and medium term fell by 20-30 paise.
• The 10-year benchmark 7.37 per cent 2014 closed at 5.88 per cent against a close of 5.81 per cent on Tuesday.
• Call rates were comfortable in the range of 4.25-30 per cent.
• The auction of both two-year dated securities and 91 treasury bills got cleared at market-related yields.