Re ends weaker at 44.16/$

MARKETS REPORT

Forex Market

Outlook:
The spot rupee is expected to open in the range of 44.12-17 to a dollar.

Sentiment:Bullish

The spot rupee opened at 44.10/11 but dipped to close at a low of 44.15/16 to a dollar following a sharp depreciation of yen globally and dollar buying by the RBI.

The annualised premium on six-month forward dollar closed at 2.99 per cent.

Money Market

Sentiment: Bearish

Apprehension on monetary measures to be taken by the RBI to tackle inflation led to a bearish sentiment in the market.

Government securities fell by 20-30 paise across maturities following heavy selling by dealers, who had bought last week.

Call rates closed easy at 6.50-6.60 per cent, while the RBI absorbed around Rs 2150 crore from the market.