Home / Financial News / Rupee seen nearing 61/$, yields may rise

Rupee seen nearing 61/$, yields may rise

On Friday, the rupee ended at 60.19, compared with the previous close of 60.09 a dollar

Read more on:    Rupee | Iraq | Government Bond | Reserve Bank Of India

The rupee is likely to near 61 a dollar this week as the Iraq crisis intensifies. Besides, month-end dollar demand from importers will also put pressure on the rupee.

On Friday, the rupee ended at 60.19, compared with the previous close of 60.09 a dollar.

Currency dealers believe that the Reserve Bank of India might not intervene to a significant extent to arrest the depreciation because they and the finance ministry are probably working on the Iran oil payment process.

Government bond (g-sec) yields are expected to rise further and the yield on the 10-year bond might even touch 8.80 per cent on concerns that below-normal rainfall and rising global oil prices will fuel inflation. On Friday, the yield on the 10-year g-sec saw its biggest weekly loss since April. The yield on the 10-year benchmark bond ended at 8.73 per cent, compared with the previous close of 8.69 per cent.

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