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Outlook
The spot rupee is expected to open in the range of 46.25/29 to a dollar. |
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Sentiment: Bearish
- The spot rupee opened at 46.0810 and lost almost 20 paise to reach a low of 46.28. It later recovered to close at 46.24/26 to a dollar.
- Pressure from importers to cover future payments pushed the premium on forward dollars. The six-month and one-year forwards closed at 1.45 per cent and 1.15 per cent against their previous close of 0.75 per cent and 0.65 per cent.
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| Money market |
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Sentiment: Bearish
- Government bond prices crashed following major selling pressure in the market.
- While prices of long-tenure gilts crashed by around Rs 1.50, the medium and short end of the maturity saw a prices fall by almost over a rupee.
- The 10-year benchmark closed at 5.74 per cent against a close of 5.60 per cent on Monday.
- Call rates were in the range of 4.30-40 per cent, while repo subscription was at around Rs 13,000 crore.
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