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Rupee hits a low, recovers

Read more on:    Rupee | Bonds | Dollar Inflows

The rupee hit a one-week low on Wednesday, weighed down by losses in other Asian currencies and shares but good dollar inflows for a share sale helped the unit recover to end marginally higher on the day.

The partially convertible rupee closed at 60.1250/1350 per dollar compared with 60.1325/1425 on Tuesday. The rupee dropped to as much as 60.3850 during the session, its lowest since June 18.

Government bonds rallied further on sustained buying support from banks and companies. The 8.83 per cent 10-year benchmark bond maturing in 2023 surged to Rs 100.80 from Rs 100.7025, while its yield eased to 8.70 per cent from 8.72 previously. The overnight call money rate ended lower at 8 per cent from 8.30 per cent on Tuesday. It moved in the range of 9.50 per cent and 7 per cent.

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