Rupee weakens to 55.96 on import demand

Our Bureau Mumbai | Updated on May 28, 2013 Published on May 28, 2013


The rupee weakened to close at 55.96 against the dollar due to Defence-related buying and month-end demand for the American currency from oil importers.

The Indian unit had closed weaker at 55.57 on Monday.

In intra-day trade, for a short span, the Indian unit was trading just short the 56 level. The Indian unit touched a low of 55.99.

Sustained gain of the American currency against the world’s major currencies also impacted the Indian unit.

“Tomorrow the markets will be watching the US consumer confidence figures which are expected to give an upside tick,” said  Abhishek Goenka, Founder and Chief Executive Officer, India Forex Advisors.

Call flat, bonds down

The inter-bank call money rates ended flat from Monday’s close at 7.30 per cent.

The 8.15 per cent government security (G-Sec), which matures in 2022, closed lower at Rs 105.16 from the previous close of Rs 105.30. Yields hardened to 7.35 per cent from the previous close of 7.33 per cent.

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Published on May 28, 2013
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