Re ends lower at 46.58/$

MARKETS REPORT

Forex market

Outlook:
The spot rupee is expected to open in the range of 46.54-58 to a dollar.

Sentiment: Dull

The spot rupee opened at 46.54/55 to a dollar but closed at a lower at 46.57/58.

Six-month and one-year annualised premiums closed at 1.33 per cent each.

Money market

Sentiment: Bullish

Prices of government securities moved up by 20-30 paise following soft purchase power index in the United States.

The yield on the 10-year bond closed at 8.09 per cent.

Call rates inched up to 6.20 per cent owing to bank holidays in other regions .

The Reserve Bank of India (RBI) could absorb only Rs 31,000 crore against an average of Rs 44,000 crore few weeks back.

The RBI has set a cut-off yield of 6.39 per cent at the auction of 91- day t- bill against 6.35 per cent last week.