Markets Report

Money market

Sentiment: Neutral

• Gilt prices remained rangebound with the market witnessing a mix of buying and selling interest.
• While the long-term prices moved in the range of 15-20 paise, the medium- and short-term hovered within 5-10 paise.
• The ten-year benchmark paper closed at 5.12 per cent.
• Call money rates ended around 4.40-50 per cent with repo subscriptions at Rs 33,000 crore.

Forex market

Sentiment: Bullish

• Spot rupee opened at 45. 41/42 and reached an intra-day high of 45.38/39 before the RBI intervention brought it down to close at 45.43/44 to a dollar.
• Forwards also came under pressure due to unwinding of export contracts and the RBI effecting sell-buy swaps . Six-month premium closed at 0.27 per cent.

Outlook

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The spot rupee is expected to open at 45.40/44 to a dollar.