Spot Re drops to 43.71/$

MARKETS REPORT

Forex market

Outlook
The spot rupee is expected to open in a range of 43.68/73 per dollar on Wednesday.

Sentiment: Bullish

The spot rupee opened at 43.69/70 per dollar and fell to 43.82 before rebounding to close at 43.70/71.

Forward premiums rose on importer covering; six-month and one-year dollars ended at 1.56% and 1.14%, respectively.

Money market

Sentiment: Dull

The sale of state government loans on Wednesday hung heavy on the markets.

The benchmark 7.38% 2015 closed at a yield of 6.79% in an near-illiquid arena.

Call money rates ruled at 4.5/4.8% even as reverse repo subscriptions touched Rs 30,000 crore.

Prices of long- and medium-term papers moved in a range of 15-20 paise.