The rupee closed weaker at 53.06 against the dollar after Standard and Poor’s downgrade warning and demand for the American currency from oil-importers persisted.

Ratings agency S&P’s warning of a "significant chance" of downgrading the credit rating on India weakened the rupee below 53 levels.

The Indian unit opened 26 paise lower at 52.98 on weak Asian markets and a stronger dollar. It had closed at 52.72 on Tuesday.

Intraday, the rupee moved between a high and low of 52.85 and 53.18, respectively.

Call rates and G-Secs

The overnight call money rates closed unchanged from previous close of 8.05 per cent.

The 10-year benchmark, 8.15 per cent government security, maturing in 2022 closed at Rs 99.94 (yield: 8.15 per cent) from its previous close Rs 100.02 (yield: 8.14 per cent) on Tuesday.

beena.parmar@thehindu.co.in

satyanarayan.iyer@thehindu.co.in

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