Re slips to 43.84/$

MARKETS REPORT

Forex market

Outlook
The spot rupee is expected to open in the range of 43.82/86 to a dollar.

Sentiment: Bearish

With the dollar strengthening globally, the rupee opened lower at 43.75/78 and continued to depreciate during the day to close at 43.84.

Forwards tracked the rupee with the six-month and one-year premiums closing at 1.98 per cent and 1.49 per cent respectively.

Money market

Sentiment: Bearish

Announcement of the state loan auction has turned the market bearish.

Prices in long-term papers fell by 30-40 paise, whereas the short and medium-term papers fell by 20-25 paise.

The benchmark 10-year 7.38 per cent 2015 gilt closed at 6.56 per cent against a close of 6.47 per cent on Tuesday.

Call money rates ruled at 5 per cent with reverse repo bids at Rs 38,000 crore.