Re touches 5-year high at 43.49/$

MARKETS REPORT

Outlook: The spot rupee is likely to open in the range of 43.47/50 on Monday.

Sentiment: Bullish

• Backed by copious inflows, the spot rupee opened at 43. 68/69 and closing at a five-year high of 43.48/49 before reaching an intra-day high of 43.44 to a dollar.
• Forwards closed higher owing to importer demand with six-month and one-year premiums closing at 1.70 per cent and 1.32 per cent respectively.

Money market

Sentiment: Bearish

• Announcement of auction to raise Rs 7,000 crore from the market led to a fall in prices.
• Long term prices fell by Rs 1.25, whereas medium and short tenure papers fell by 80 paise to Re 1.
• The yield on the benchmark 7.38 per cent 2015 gilt closed at 6.65 per cent against a close of 6.53/54 on Thursday.
• Call money rates hovered at 4.75/90 per cent and reverse repo bids were at Rs 2,420 crore.