Rupee weakens to 61.60 on dollar demand…

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The rupee opened weak by 10 paise against the previous close of 61.50 against the dollar at the Interbank Foreign Exchange market on the back of dollar demand from importers. Forex dealers attributed the rupee’s weakness to increased demand for the US currency from importers and its strength against some other currencies overseas but a higher opening in the domestic equity market limited the fall.

The rupee had gained 12 paise to close at 61.50 against the dollar in yesterday’s trade on fresh selling of the US currency by banks and exporters on the back of strong capital inflows. Meanwhile, the benchmark BSE Sensex rose 76.16 points or 0.27 per cent to 27,950.89 in early trade.

The inter-bank call money rate, the rate at which banks borrow short-term funds from one another, opened higher at 8 per cent from the previous close of 7.80 per cent. Yield on the 10-year benchmark 8.40 per cent government security, maturing in 2024, remained flat at 8.17 per cent while the price of the bond rose to Rs 101.50 from Rs 100.45.

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