Re dips to 43.59/$

MARKETS REPORTS

Forex market

Outlook: The spot rupee is expected to open in a range of 43.56-60 to a dollar on Wednesday.

Sentiment: Bullish

• The spot rupee opened at 43.55/56 on Tuesday and backed by dollar inflows went up to 43.5350. The currency, due to dollar buying by public sector banks, dipped to close at 43.58/59 to a dollar.
• Forward dollar premiums closed range-bound with the six-month and one-year premiums closing at 1.50 per cent and 1.36 per cent, respectively.

Money market

Sentiment: Bearish

• Concerns over rising oil prices and a jump in the government's borrowing programme target led to a fall in gilt prices.
• Prices of long-term papers fell by 30-35 paise, while short and medium papers witnessed a decline of 15-20 paise.
• The 10-year benchmark, 7.38 per cent 2015 paper yield closed at 6.60/61 per cent as against Monday's close of 6.56 paise.
• Call rates ruled easy at 5.50/60 per cent amid excess liquidity. Reverse repo bids were at Rs 38,000 crore.