Rupee strengthens to 62.23 in early trade

The rupee gained 20 paise to 62.23 per dollar in the opening trade against the previous close of 62.43 on selling of the American currency by banks and software exporters.

“On account of half-yearly closing, there is a possibility that corporates (mainly IT exporters) might have sold dollar in the markets. This has helped the rupee gain against the US dollar,” said Abhishek Goenka, Founder and CEO, India Forex Advisors.

Call rates, bond yields

The inter-bank call money rate, the rate at which banks borrow from each other to meet their short-term fund requirements, opened slightly higher at 9.5 per cent from the previous close of 9.45 per cent.

The 7.16 per cent government security, which matures in 2023, opened slightly higher at Rs 90.1 from the previous close of Rs 89.54. Yields softened to 8.69 per cent from the previous close of 8.79 per cent.