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The rupee strengthened to 59.93 at close on Friday after a large corporate house sold dollars in late trades. The Indian unit had closed at 60.17 against the dollar on Thursday as market players were unconvinced about how the Finance Minister would meet the current financial year’s fiscal deficit target of 4.1 per cent of GDP.
On Friday, the rupee moved in a range of 59.93 and 60.26 in intraday trade. Market players believe that the rupee will trade in the 59.50-60.30 range till some specifics emerge on the Government’s plans to tackle the fiscal and current account deficits amidst a poor monsoon and global uncertainty
“The rupee is likely to continue trading in range-bound current levels of 59.50 to 60.10 to the dollar in the near term,” said Hariprasad MP, Senior Vice-President, Head Treasury, CentrumDirect Ltd.
The inter-bank call money rates ended higher at 9 per cent from previous close of 8.20 per cent. The benchmark 8.83 per cent government security which matures in 2023, closed almost flat at Rs 100.38. Yields were steady at 8.76 per cent.
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