The Indian rupee surged to 60.65 against the American currency on stronger capital flows into the domestic equity markets and tracking gains in Asian currencies.
The domestic unit gained 45 paise on Friday, posting its biggest daily gain in two weeks, to close at 60.92 against the dollar.
At 12.18 pm, the unit was trading at 60.71 per dollar.
It opened flat against its Friday’s close of 60.92 amid stronger capital flows and dollar gaining strength in the overseas market.A higher opening in the domestic equity market and strengthening of the euro against the dollar overseas supported the rupee, dealers said.Rupee sentiments are boosted as foreign investors continue to invest dollars in the emerging markets, especially India.Since the beginning of this year, the rupee has gained over 1.5 per cent.
Call rates, bond yields fall
The inter-bank call money rate, interest rate at which banks borrow money from each other to overcome short-term liquidity mismatches, was trading weaker at 8.80 per cent from a close of 9.0 per cent on Friday.
The 8.83 per cent 10-year benchmark bond, maturing in 2023, rose to Rs 100.33 from Friday’s close of Rs 100.20, while the yield softened to 8.77 per cent from 8.79 per cent.
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