Re ends at 45.94/$

MARKETS REPORT

Forex market

Outlook:
The spot rupee is likely to open in the range of 45.92/95 to a dollar on Wednesday.

Sentiment: Bearish

In response to dollar demand by custodian banks following profit taking by FIIs, the spot rupee opened weaker at 45.84/85 to a dollar against a close of 45.77/79 on Monday.

After reaching an intra-day low of 45.99, the spot rupee closed for the day at 45.93/94.

The premium on six-month and one-year forward dollars closed at 0.75 per cent and 0.80 per cent respectively.

Money market

Sentiment: Bullish

The government securities market opened on a weak note following the fuel price hike but recovered post auction.

The prices of securities moved up by around 10 paise during the day after falling by 20 paise in the morning.

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

Call rates ruled around 5.50/60 per cent with the RBI absorbing around Rs 72,000 crore from the system.

Corporate bond market remained lacklustre.