RBI's intervention lifts rupee, forwards surge

MARKETS REPORT

Forex market

Outlook
The rupee is expected to open between 45.17 and 45.23 against the greenback on Friday.

Sentiment: Bearish

• The rupee opened at 45.33/35 per dollar and ended higher at 45.23/25 on RBI intervention.
• Premiums on forward dollars surged. Annualised premium on six-month and one-year dollars closed at 0.22 per cent and 0.26 per cent respectively.

Money market

Sentiment: Bullish

• Government security prices went up on higher cut-off yields on treasury bills perked up demand towards the end of the session.
• Prices of long-term securities went up by 30-35 paise, while those of medium-term gilts moved up by 20-25 paise.
• The yield on the ten-year benchmark paper ended lower at 5.28 per cent, compared with 5.30 per cent on Wednesday.
• Call money rates ended at 4.25-4.50 per cent.