Re ends at 44.46/$

MARKETS REPORT

Forex market

Outlook:
The spot rupee is expected to open in the range of 45.45-49 to a dollar.

Sentiment: Bearish

The spot rupee opened at 45.36/37 but reached a low of 45.47 to a dollar following dollar buying by foreign banks.

The annualised premium for six-month and one-year dollars closed at 1.03 per cent and 1.09 per cent, respectively.

Money market

Sentiment: Bearish

Apprehensions of rate hike in US and statements by Federal reserve turned the market bearish

The prices of government securities fell by 25-30 paise across maturities.

The yield on the 10-year gilt closed at high of 7.63 per cent .

Call rates ruled at 5.5/5.6 per cent with the RBI absorbing around Rs 64,000 crore from the system.

The government announced the auction of a 15-year gilt to raise Rs 5000 crore on May 23 .