The rupee slipped marginally to close at 62.45 (previous close: 62.41) against the US dollar as month-end demand from oil importers and anticipation of a sub-five per cent growth weighed on the Indian unit. The rupee had opened at 62.32 and then moved in the 62.20-62.63 range in intraday trade. In the current week, the rupee gained about 0.7 per cent against the dollar.
India’s gross domestic product (announced after market hours) rose to 4.8 per cent in the three months ended September 2013 from 4.4 per cent recorded in the previous quarter. This is likely to strengthen the Indian unit in the next week, as more foreign investors might bring dollars to the Indian shores.
The interbank call money rates, the rates at which banks borrow from each other to meet their short term requirements, closed higher at 7.50 per cent from previous close of 7.25 per cent. The 7.16 per cent benchmark government security, which matures in 2023, closed lower at Rs 88.17 from previous close of Rs 88.35. The yields hardened to 9.04 per cent from previous close of 9.01 per cent.