Forex

Rupee ends lower at 60.67

Our Bureau Mumbai | Updated on August 21, 2014 Published on August 21, 2014

currency   -  Business Line

The rupee ended 5 paise weaker at 60.67 against the dollar due to a stronger dollar and demand for the greenback from oil importers.

 

The dollar gained after minutes from the US Federal Reserve’s meeting in July showed that the US central bank could hike rates faster than earlier expected.

 

The local unit had gained six paise to close at almost three-week high of 60.62 on Wednesday.

 

On Thursday, the unit opened at 60.70 per dollar due to due to appreciation of the American unit against other currencies overseas.

 

Besides a stronger dollar, fresh demand for the US currency from importers also put pressure on the rupee, which declined to 60.79 in the afternoon trades.

 

However, it recovered to 60.61 in the afternoon trade on capital flows into the equity market.

 

Call rate, Bond yields rise

 

The inter-bank call money rate, the rate at which banks borrow short-term funds from one another to tide over liquidity mismatches, ended at Rs 7.75 from Wednesday’s close of 7.25 per cent.

 

The yield on India’s 10-year benchmark bond maturing in 2024, hardened at 8.51 per cent, compared with its Wednesday’s close of 8.47 per cent. Prices lowered to Rs 99.25 from Rs 99.47.

 

Bond yields and prices move in opposite directions.

Published on August 21, 2014
This article is closed for comments.
Please Email the Editor