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Paring initial losses, the rupee ended stronger at 62.57 against the dollar, spurred by late dollar selling by foreign banks, which are believed to have sold dollars brought in by mobile phone operators for bidding in the auction for 2G spectrum. The domestic unit opened marginally weaker at 62.71 against the previous close of 62.67 due to strong demand for the dollar from oil importers amid weakness in the American currency. However, the rupee recovered due to dollar inflows from mobile phone operators participating in the 2G spectrum auction, a dealer said. The Indian currency hovered in the 62.56-62.79/$ range during the day.
In the bond market, yield on the benchmark 8.83 per cent Government security, maturing in 2023, softened to 8.73 per cent against the previous close of 8.77 per cent.
The prices rose to ₹100.60 from the previous close of ₹100.37.
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