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Outlook: The spot rupee is expected to open in the range of 43.63/66 to a dollar on Thursday. |
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Sentiment: Bullish |
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- The spot rupee had a volatile movement on Wednesday on the back of excess inflows and RBI intervention.
- It opened at 43.60/61, moved down to 43.66, and closed at 43.64/65 before gaining back to 43.62 to a dollar.
- Customer and interbank covering led to forward premiums recovering in the market with the six-month and one-year forward dollars closing at 1.44 per cent and 1.31 per cent, respectively.
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Money market |
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Sentiment: Bearish |
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- While high government borrowing led to a fall in the prices of gilts in the morning session on Wednesday, heavy buying by SBI resulted in a recovery.
- No price movements were witnessed in gilts across maturities.
- The 10-year benchmark, 7.38 per cent 2015 paper closed at6.63 per cent.
- Call rates ruled at 4.65/75 per cent, while reverse repo bids were at Rs 37,000 crore.
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