The rupee on Friday closed weaker at 52.81 against the dollar due to demand for dollars from oil importers and lower inflows. On Thursday, it had closed at 52.67 per dollar. “Intra-day, the rupee touched a high of 52.56 and a low of 52.90 as oil buying continued after the 52.60 levels,” said a dealer with a public sector bank. “We see a support level of 51.50 and a resistance level at 53.60 in the week ahead,” the dealer said. In addition, weaker equity markets aided the rupee fall. Fundamental weakness with the rupee persists despite reform announcements. Traders believe only translation into action will boost the currency. The local unit remains vulnerable to global currency movements, particularly that of the euro against the dollar.
Call rates flat; bonds end a tad lower
The inter-bank call money rates closed flat at 8.05 per cent from Thursday’s close. The rates had opened higher at 8.10 per cent on Friday. The 8.15 per cent government security, maturing in 2022, closed slightly lower at Rs 99.86 (yield: 8.17 per cent). It had closed at Rs 99.90 (yield: 8.16) on Thursday.