The rupee ended higher at 62.43 against the dollar on selling of the American currency by banks and software exporters. The Indian unit opened flat on Wednesday at 62.75. Intraday, it moved in the 62.33-62.88 range.
The gains in the rupee were attributed to dollar selling by banks and technology exporters, Indian Forex Advisors said in a note.
“On account of half-yearly closing, there is a possibility that corporates (mainly IT exporters) might have sold dollars in the markets. This has helped the rupee gain against the US dollar,” said Abhishek Goenka, Founder and CEO, India Forex Advisors.
The inter-bank call money rates, the rates at which banks borrow from each other to meet their short-term fund requirements, closed slightly lower at 9.45 per cent from previous close of 9.50 per cent.
The 7.16 per cent government security, which matures in 2023, closed slightly higher at Rs 89.54 from the previous close of Rs 89.30. Yields softened to 8.79 per cent from the previous close of 8.83 per cent.