Mumbai, April 10:
The rupee ended 6 paise stronger against the dollar at 60.07 on stable domestic equity market amid bouts of dollar demand from banks and oil importers. It had closed at 60.13 on Wednesday.
The Indian unit opened higher at 60.05 per American dollar on continued inflows into the domestic markets amid uncertainty in the national elections and caution ahead of the US central bank's meeting due late evening on Thursday.
The rupee declined to 60.30 during the day as the pressure of dollar demand from importers and mild capital outflows limited gains in the rupee.
BSE-benchmark Sensex ended almost flat at 21,715 points, up 13 points (0.06 per cent) over its previous close.
The rupee has gained nearly 3 per cent since January this year on the back of heavy inflows from the foreign institutional investors (FIIs) into the Indian market. Net inflows by FIIs crossed the $150 billion mark since their entry into the Indian capital markets in 1992 – 1993.
"The rupee is expected to remain in the broad range of 58-60 per dollar in the month ahead," said NS Venkatesh, Chief General Manager and Head of Treasury, IDBI Bank.
Call rates, G-Sec yields fall
Amid high liquidity, the overnight call money rate, interest rate at which banks borrow money from each other to overcome short-term liquidity mismatches, closed weaker at 7.01 per cent from its previous close of 8.15 per cent on Wednesday.
Yield on 10-year benchmark 8.83 per cent government security (G-Sec), maturing in 2023, dropped to 9 per cent from Wednesday's close of 9.03 per cent. Prices of the security closed higher at Rs 98.89 from Rs 98.69. Security prices and yields move in the opposite direction.
(This article was published on April 10, 2014)
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