The rupee ended 7 paise higher at 60.07 to a dollar against the previous close of 60.14 on the back of dollar selling by banks and exporters. In afternoon trade, the domestic unit rose significantly to a one month-high of 59.92 but dollar demand from oil importers limited gains. In intra-day trade, it touched a low of 60.09. According to dealers, the rupee is expected to trade in a tight band as investors wait for the May 16 election results.
Call rates close sharply lower
The overnight call money rate (the rate at which banks borrow money from each other to overcome short-term liquidity mismatches) ended lower at 7.05 per cent against the previous close of 9 per cent. The yield on 10-year benchmark 8.83 per cent bond, maturing in 2023, softened to 8.75 per cent against the previous close of 8.78 per cent. Bond prices rose to ₹100.45 from ₹100.31. Bond yields and prices move in opposite directions.