Rupee slips a tad to 63.28…

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The rupee on Tuesday lost three paise to end at 63.28 against the dollar due to sustained capital outflows and fresh demand for the US currency from banks and importers. At the Interbank Foreign Exchange Market, the rupee hovered in the 63.24-63.50 range before ending at 63.28.

Forex dealers said equities closed down over half a per cent for the day which forced the rupee to trade weak. Also, dollar demand from oil companies dented the rupee movement further, they added.

Government bonds (G-Secs) surged on good buying support from banks and corporates, while the overnight call money rate ended lower at the money market due to lack of demand from borrowing banks amid ample liquidity in the banking system.

The 8.40 per cent 10-year benchmark bond maturing in 2024 climbed to ₹103.16 from ₹102.93 previously, while its yield moved down to 7.92 per cent from 7.96 per cent. The overnight call money rates opened higher at 8.30 per cent as against Monday’s closing level of 8.05 per cent. It moved in the 7.60-8.50 per cent range before ending at 8 per cent.

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