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The rupee weakened in the second half of the trading session to close flat at 55.53 as domestic markets weakened.
The local unit opened stronger at 55.43. On Friday, the rupee had closed at 55.53.
The rupee took positive cues from the US Federal Reserve Chief’s assurance that it will do all that is possible to support the US economy. A similar assurance by several Euro Zone members has also strengthened the euro against the dollar.
Trading activity in currency markets was muted on account of a holiday in the US.
A depreciating currency is considered detrimental to an import dependent country like India, because the country has to pay more rupees for each dollar of product (like oil) imported.
Call Rates, G- Secs
The interbank call rates closed at 8 per cent from previous close of 7.95 per cent.
The 8.15 per cent government security, which matures in 2022, opened at Rs 99.54 (yield: 8.21 per cent) from previous close of Rs 99.38 (yield: 8.23 per cent).
satyanarayan.iyer@thehindu.co.in
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