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Outlook:
The spot rupee is expected to open in the range of 44.70/75 to a dollar |
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Sentiment: Bearish
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| The spot rupee opened at 44.69/70 and backed by oil importer demand closed at a 44.73 after reaching intraday lows of 44.77/78 to a dollar. The annualised premium for six-month and one-year forward dollars closed at 2.20 per cent and 2.02 per cent, respectively. |
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| Money market |
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Sentiment: Bearish
The bullish GDP data and higher inflation forecast pulled down market sentiment. Prices of government securities across maturities fell by 30-40 paise. The yield on 10-year benchmark closed at 7.42 per cent against a close of 7.40 per cent on Wednesday. Call rates ruled around 6.10/6.25 per cent with the RBI absorbing around Rs 18,000 crore from the market. While the GDP grew by 9.1 per cent , government expected the inflation to cross 6 per cent and market perceived a strong signal for rate hike. |
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