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Re logs best gain in a week on dollar sale

Source : BUSINESS_STANDARD
Last Updated: Wed, Mar 06, 2013 20:01 hrs
A shopkeeper counts Indian currency notes inside his shop in Jammu

Tracking upward movement in local stocks, the rupee on Wednesday bounced back by 20 paise, its biggest gain in a week, to close at 54.72 amid fresh dollar selling by exporters and some custodian banks.

Sustained foreign funds inflows of Rs 500 crore in stocks also helped the rupee recovery while the late recovery in the dollar abroad later put some pressure on the rupee, a forex dealer said. At the Interbank Foreign Exchange market on Wednesday, the rupee started on a firm note at 54.74 a dollar from the previous close of 54.92.



Bonds remains up
Government securities (G-sec) remained up due to consistent demand from banks and companies. The 8.15 per cent G-sec maturing in 2022 rose to Rs 101.86 from Rs 101.79 yesterday, while its yield edged down to 7.86 per cent from 7.87 per cent. The 8.20 per cent G-sec maturing in 2025 shot up to Rs 101.96 from Rs 101.85, while its yield inched down by 7.95 per cent from 7.96 per cent.

Call rates ends higher
Call money rates also finished higher at the call market here on Wednesday, owing to good demand from borrowing banks. The rate finished higher at 7.90 per cent from the previous close of 6.75 per cent. It moved in a range of 7.95 per cent and 7.50 per cent.

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