The rupee ended almost flat at 60.30 against the dollar (previous close: 60.28) as month-end demand for the American currency from oil importers lead kept rupee trade bound in a tight range. The Indian currency was trading in the 60.17 to 60.32 range in intraday trade.
“Dollar demand from oil and Defence-related purchases will continue to drive the rupee towards a downward bias. The market resistance is at 60 levels. Once it breaches the 60 levels, the rupee could gain to around 59.85 per dollar,” said Prabakaran KA, Head - Forex Business at UAE Exchange and Financial services.
Call rates, G-Secs spike sharply
The inter-bank call money rate, the rate at which banks borrow short-term funds from each other to tide over liquidity mismatches, ended sharply higher at 9.05 per cent from the previous close of 7.08 per cent on Friday. The yield on the benchmark 8.83 per cent government bond maturing in 2023 eased to 8.69 per cent compared to previous close of 8.76 per cent. The security rose to ₹100.84 from ₹100.36 on Friday. Bond yields and prices move in opposite directions.