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The rupee firmed up further from initial gains against the US greenback, gaining 38 paise against the dollar today on persistent selling of the American unit by banks and exporters amid bearish dollar overseas and rallying domestic equities.
The rupee resumed higher at 61.12 per dollar as against yesterday’s closing level of 61.40 at the Interbank Foreign Exchange (Forex).
It gained further to 60.90 and was quoting at 61.02 per dollar at 4.30 pm.
The domestic unit moved in a range of 61.12 and 60.90 per dollar during the late morning deals.
In the New York market, the US dollar languished at a two—week low against its major rivals in early trade, having fallen for a third straight session minutes after the US Federal Reserve’s last policy meeting which prompted markets to push out the likely timing of an interest rate rise.
The inter-bank call money rate, the rate at which banks borrow short-term money from each other, opened lower at 8 per cent against the previous close of 8.10 per cent. Yield on the 8.40 per cent Government bond maturing in 2024 hardened to 8.44 per cent against the previous close of 8.40 per cent. The price of the security fell to ₹99.70 against the previous close of ₹99.93.
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