Rupee trading up at 60.51

MUMBAI : The rupee opened 5 paise higher at 60.51 per dollar against the previous close of 60.56 per dollar on dollar sales by exporters. At 10.12 am, the rupee was trading at 60.51.

According to dealers, the rupee's gains can be attributed to gains in the American dollar in the overseas market.

The local currency had lost 9 paise to close at 60.56 per dollar yesterday following late profit booking in local equities and fresh dollar demand from oil importers.

Forex dealers said besides selling of the US currency by exporters, dollar’s weakness against other Asian currencies overseas also supported the rupee but a lower opening of the domestic equity market capped the gains.

The inter-bank call money rate, the rate at which banks borrow short-term funds from one another to tide over liquidity mismatches, opened higher at 8.20 per cent from Monday’s close of 8.10 per cent. The yield on India’s 10-year benchmark bond maturing in 2024, hardened to 8.56 per cent against the previous close of 8.55 per cent. Prices fell to ₹ 98.90 from ₹ 98.95.

Source : thehindubusinessline.com