The rupee plunged sharply to close at 62.68 against the dollar, hurt by strong month-end demand for the American currency from oil importers. The Indian unit had closed at 61.93 on Thursday. Also, a sell-off triggered by weak economic data from China hurt the Indian currency.

Further direction to the rupee will be provided by the outcome of the monetary policy on Tuesday. In the bond market, yield on the benchmark 8.83 per cent government security, maturing in 2023, hardened to 8.74 per cent from the previous close of 8.67 per cent.

(This article was published on January 24, 2014)
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