Re drops to 44.14/$

MARKET REPORTS

Forex market

Outlook
The spot rupee is expected to open in the range of 44.11-15 to a dollar on Tuesday.

Sentiment: Bearish

Euro weakness globally, higher trade deficit data and drying up FII inflows pulled down the spot rupee echange rate .

The spot rupee opened at 44.07/08 to a dollar and fell to a low of 44.12/14 to close for the day.

Forward premia marginally went up with six month and one year dollars at 0.86 per cent and 0.76 per cent respectively.

Money market

Sentiment: Bearish

The prices of government securities remained rangebound within a band of 5-10 paise.

The 10.25 per cent 2021 was the top traded security witnessing 25 paise movement.

The ten year paper closed at 7.16 per cent after reaching a high of 7.17 per cent.

Call rates ruled at 5.05 per cent with reverse repo bids at Rs 18,865 crore.

The government announced the auction of 7.40 per cent 2035 and11.83 per cent 2014 to raise Rs 2000 crore and Rs 6000 crore respectively.