The rupee closed a little stronger at 59.34 against the dollar on the back of some forward-looking measure announced by the RBI.
The Indian unit had closed at 59.40 on Tuesday and in the intra-day trade, the rupee moved in the 59.20 to 59.48 range.
Forex dealers said the dollar’s strength against other currencies overseas capped the rupee’s gain.
Call rates, bond yields end flat
The overnight call money rate (the rate at which banks borrow money from each other to overcome short-term liquidity mismatches) closed almost flat at 8.35 per cent from 8.33 per cent on Tuesday.
Yield on the benchmark 8.33 per cent, maturing in 2023, closed flat at 8.59 per cent. Prices of the security rose a tad to Rs 101.54 from Rs 101.48.