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The Indian currency gained much on Friday to close stronger at 60.62 against the dollar on the back of strong dollar inflows from an infrastructure company and the RBI’s government bond auction.
The rupee had closed at 61.08 on Wednesday. It opened almost flat at 61.06 a day after the markets remained close for polling in the country’s financial capital. Intraday, the rupee moved in 60.53-61.15 range.
The RBI’s `20,000 crore government bond auction was also seen aiding the Indian unit.
The overnight call money rate (the rate at which banks borrow money from each other to overcome liquidity mismatches) opened higher at 8.75 per cent against the previous close of 7.1 per cent.
The yield on 10-year benchmark 8.83 per cent bond, maturing in 2023, softened a tad to 8.84 per cent from the previous close of 8.85 per cent. Prices of the bond rose to ₹99.88 from ₹99.85. Bond yields and prices move in the opposite direction.
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