The rupee today wiped out early losses and ended just one paise down at 55.63 against the US currency on alternate bouts of buying and selling amid a fag-end recovery in local stock market.

At the forex market, the rupee commenced weak at 55.74 a dollar from previous close of 55.61. It immediately touched a low of 55.75 on some weakness in local equities amid month-end dollar demand from importers.

The domestic currency today opened lower due to weaker Asian markets and dollar demand from oil importers. Further a weak trend in the domestic and global equity markets added to the rupee woes.

Month-end dollar demand and major announcements on the GDP data and measures for monetary easing due to be announced on Friday will continue to weigh on the rupee.

Call rates and G-Secs

The overnight call money rates were trading at 8 per cent. The market opened at 8.05 per cent from its previous close of 8 per cent on Wednesday.

The benchmark 10-year 8.15 per cent government bond maturing in 2022 was trading steady at Rs 99.78 (yield: 8.18 per cent) from Wednesday’s close of Rs 99.79 (yield: 8.17 per cent).

Beena.parmar@thehindu.co.in

(This article was published on August 30, 2012)
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