Re ends at 44.70/$; gilt fell

MARKETS REPORT

Sentiment: Dull

The strong dollar overseas led the spot rupee to open at a low of 44.74 but during the day it gained to 44.65 and closed at 44.70.

The six-month and one-year forward premiums closed at 1.87 per cent and 1.76 per cent, respectively

Money market

Sentiment: Bearish

Gilt prices fell by 30-40 paise after the Federal Reserve hiked the rates by another 25 basis points to 4.75 per cent

Call rates hovered around 6/6.10 per cent

The top traded 8.07 per cent 2017 paper closed at a three year high of 7.5 per cent

The corporate bond market remained lacklustre

The market sentiment turned bearish after factoring in 25 basis points hike in reverse repo rate in the coming annual policy of the RBI