Comments
The rupee closed weaker at 59.52 on Monday on the back of heavy dollar buying by foreign investors and debt repayment of $1 billion by Reliance Communications. The Indian unit had closed at 59.39 on Friday. Going forward, the rupee might gain, according to market participants. “Rupee could find support, as the government plans to unveil reform measures, with expectations of potential action to open up more sectors for foreign investment. Importers should look to cover their open exposures around 58.50 levels.” said Abhishek Goenka, Founder & CEO, India Forex Advisors. Intra-day, the rupee moved between a high and low of 58.97 and 59.60, respectively.
G- Sec down, CALL Market closed
The benchmark 7.16 government security, which matures in 2023, closed lower at Rs 97.95 from previous close of Rs 98.06. Yields hardened to 7.45 per cent from previous close of 7.43 per cent. The 8.15 per cent G-Sec, which matures in 2023, closed lower at Rs 103.30 from previous close of Rs 103.45. Yields hardened to 7.63 per cent from previous close of 7.61 per cent. The inter-bank call money markets remained closed on Monday because of the Reserve Bank’s annual account closing day.
satyanarayan.iyer@thehindu.co.in
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.