The rupee closed higher at 53.77 against the dollar after the central bank cut both the CRR and repo rate by 25 basis points.
The currency unit had opened marginally weaker at 53.95 from Monday’s close of 53.91 against the dollar on the back of demand for the American currency from importers and banks.
The currency touched a high of 53.54 after the Reserve Bank of India announced its third quarter monetary policy review today. However, month end dollar demand weighed on the rupee.
CALL RATES, G- SECS
The inter-bank call money market closed lower at 8 per cent after opening flat from yesterday’s close of 8.10 per cent. It moved in the 7.60 per cent to 8.10 per cent during the day.
The 8.15 per cent government security (G-Sec), which matures in 2022, closed lower at Rs 101.97 (yield: 7.84 per cent) from its previous close of Rs 101.86 (yield: 7.86 per cent) on Monday.