Re slips to 43.43/$

MARKETS REPORT

Forex market

OUTLOOK
The spot rupee is expected to open in the 43.42-43.45 range against the US dollar on Monday.

Sentiment: Bearish

Forex market players cut down their positions in other currencies and bought dollars as rumours of the Chinese revaluation slowly died down. The spot rupee opened at 43.42/43 to a dollar and slipped to a low of 43.47/48 before closing at 43.4250/4350.

The six-month and one-year forward premiums closed at 1.57 per cent and 1.39 per cent, respectively.

Money market

Sentiment: Bearish

Prices of government securities fell by 20 paise in short and medium-term papers in response to a rise in the inflation rate to 5.91 per cent.

The ten-year benchmark is hovering at 7.25 per cent and the 12-year 8.07 per cent 2017 closed at 7.47 per cent.

Call rates ruled at 4.90 per cent, whereas reverse repo bids were at Rs 27,000 crore.

Corporate bonds market witnessed brisk trading, with buying interest from provident funds and insurance companies.