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The rupee ended a tad stronger at 62.88 a dollar against the previous close of 62.92 on dollar selling by state-run banks. However, the broader sentiment remained weak in the forex market due to renewed fears that the Federal Reserve may taper its bond-buying programme earlier than expected. In intra-day trade, the domestic unit weakened to 63.08, its lowest since November 14. S. Srinivasaraghavan, head of treasury at Dhanlaxmi Bank, said: “The rupee may trade at elevated levels due to month end dollar demand, coupled with Fed tapering fears and the return of oil demand. In the next week, the rupee will trade in the broad range of 62.25-63.50”.
CALL RATES, G-SECS
The overnight call money rate, the rate at which banks borrow short-term funds from each other, ended flat from the previous close of 8.70 per cent. The price of the widely traded 8.28 per cent security, maturing in 2027, ended weaker at Rs 93.45 against the previous close of Rs 93.84. The yield hardened to 9.12 per cent against the previous close of 9.06 per cent. The yield on the 10-year benchmark government security, 7.16 per cent maturing in 2023, hardened to 9.09 per cent against the previous close of 9.07 per cent.
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