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The rupee ended 7 paise stronger at 60.10 against the dollar on Friday as foreign banks sold the American currency towards the end of the trading session. Ending two days of gains, the domestic unit had closed weaker at 60.17 on Thursday. On Friday, the unit opened weaker at 60.28 due to lower opening in the domestic equity market. The rupee depreciated further to 60.40 on increased dollar demand from oil importers. Further, the central bank is buying dollars from the market to increase its foreign exchange reserves. Latest RBI data shows an increase of $5.04 billion in forex reserves to $303.67 billion in the week ended March 28.
Call rates up; Bonds harden
The overnight call money rate, interest rate at which banks borrow money from each other to overcome short-term liquidity mismatches, closed a tad higher at 7.10 per cent from Thursday’s close of 7 per cent.
The yield on 10-year benchmark 8.83 per cent government bond, maturing in 2023, hardened to 9.06 per cent from the previous close of 9 per cent. The prices of the security ended weaker at Rs 98.49 from Rs 98.90. Bond prices and yields move in the opposite direction.
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