Re ends down at 44.50/$

MARKETS REPORT

Forex market

Outlook: The spot rupee is expected to open in the range of 44.48/51 to a dollar

Sentiment: Bearish

The economic survey citing concern on rising interest rates led to the spot rupee losing 8-10 paise to close at 44.49/50 after opening at 44.37/39 against the dollar

Premiums on forward dollars continued to remain high with six-month and one-year closing at 2.2 per cent and 1.78 per cent, respectively

Money market

Sentiment: Bearish

Gilt prices remained rangebound in anticipation of the triggers from the budget announcement on Tuesday

The liquidity situation improved with call rates averaging at around 6.60-7.00 per cent

The market was bearish on concerned over the statement on interest rates scenario in the economic survey, albeit market comforted with the finance minister's firm resolve to improve liquidity and investment

The top traded 8.07 per cent 2017 paper closed at 7.36/37 per cent