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Rupee dropped 36 paise against the dollar to close at 60.40 amid rising violence in Iraq and a stronger American currency. As Iraq shut down its biggest oil refinery amid rising violence, concerns of a spike in oil prices dampened sentiments. The rupee had ended at 60.04 on Tuesday. On Wednesday, it opened weaker at 60.28 after which it fell to 60.54 at the Inter-bank Foreign Exchange market. However, exporters sold dollars to book profits at this level.
Call money rate ends lower
The overnight call money rate ended lower at 7.05 per cent from the previous close of 8 per cent. It moved in a wide range of 6.90 per cent to 8.35 per cent. The 8.83 per cent benchmark bond maturing in 2023 fell to ₹101.00 from ₹101.47, while its yield hardened to 8.67 per cent from Tuesday’s close of 8.59 per cent. Bond prices and yields move in the opposite directions.
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