Re ends stronger at 44.46/$

MARKETS REPORT

Outlook:
The spot rupee is expected to open in the range of 44.42-48 to a dollar.

Sentiment: Dull

The spot rupee opened at 44.60/62 but closed at a high of 44.46 to a dollar following dollar sales by banks to raise rupee resources.

The six-month and one-year annualised premiums on forward dollars closed at 4.51 per cent and 3.67 per cent, respectively.

Money market

Sentiment: Bearish

Liquidity crunch continued today as well and this led to a bearish grip on the market.

The prices of government securities in the benchmark papers fell by 20 paise .

The yield on the ten-year paper closed at 7.63 per cent.

Call rates closed at a high of 10.5 per cent after hitting an intraday high of 12.5 per cent.

The Reserve Bank of India infused liquidity to the tune of Rs 28,000 crore under repo.

The market witnessed a total volume of around Rs 1,100 crore.