The rupee plunged by over 30 paise to close at 60.60 against the dollar on Monday on strong demand for the American currency from oil importers.

The Indian unit opened closer to Thursday's close of 60.29 and then the journey was pretty much down-hill. It moved in the range of 60.31 to 60.60.

Indian markets were closed on Friday. Since some global markets were closed on Monday for the Easter weekend, trading volumes were slightly lower.

Currency experts believe that the rupee will trade in a tight range between 60 and 61 for the next two weeks.

Call rates, G-Sec

The overnight call money rate (the rate at which banks borrow money from each other to overcome short-term liquidity mismatches) closed sharply higher at 9.20 per cent against the previous close of 8.10 per cent.

The yield on 10-year benchmark 8.83 per cent bond, maturing in 2023, hardened a tad to 8.86 per cent at close on Monday from its previous close of 8.84 per cent. Prices fell to `99.78 from `99.86. Bond yields and prices move in opposite direction.

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