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After hitting a nine-month low of 62.25 per dollar, the rupee ended flat at 61.96 against its previous close on dollar sales by banks and exporters. The dollar index was trading marginally higher against most major currencies on the back of dovish Fed meeting minutes released on Wednesday, as markets bet that the interest rates are set to rise next year. In intra-day trade, the domestic unit touched a high of 62.25 and a low of 61.93 o a dollar. Suresh Nair, Director Admisi Forex, said, “After the initial depreciation, the rupee strengthened by the end of the session on talks that RBI apparently sold dollars at around 62.21 in the spot market.”
Call rates end higher, yields flat
The inter-bank call money rate, the rate at which banks borrow short-term funds from one another, ended higher at 8 per cent from the previous close of 7.60 per cent. Yield on the 10-year benchmark 8.40 per cent government security, maturing in 2024, remained flat at 8.15 per cent, while the price of the bond rose marginally to ₹101.58 against a close of ₹101.54.
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