Rupee gains, ends at 61.07/dollar

Our Bureau Updated - March 12, 2018 at 08:51 PM.

rupee

The rupee ended stronger at 61.07 against the dollar due to positive domestic and global equity markets and weaker American dollar.

The Sensex ended 255.68 points (1.26 per cent) higher at 20,528.59. Asian stocks jumped to three-week highs and the US markets rose over two per cent making its biggest single-day gain since January 2 as hopes of a resolution on the US-debt deal supported the investors’ confidence. The domestic unit gained 32 paise to 61.08 a dollar in the opening trade against the previous close of 61.40 a dollar on reports that the Government is looking to include its bonds on global benchmark indices. Further, reports of government of India bonds to be included in the emerging market indices supported the currency. Agency reports said, the Government is in talks with JP Morgan for the same. During the day, the rupee declined to 61.36 on dollar selling by corporates; however, it recovered to 61.01 in the second session of trading. Treasury heads expect the rupee to stay around 59-61 levels till the end of October.

Call rates, G-Secs

The inter-bank call money rate, the rate at which banks borrow from each other to meet their short-term fund requirements, ended a tad higher at 9 per cent against the previous close of 8.95 per cent. The 7.16 per cent government security, which matures in 2023, closed weaker at Rs 91.38 against the previous close of Rs 91.79. The yields hardened to 8.48 per cent from the previous close of 8.42 per cent. Bond yields and prices move in opposite directions.

>Beena.parmar@thehindu.co.in

Published on October 11, 2013 04:25