Rupee trading weak at 62.78/dollar
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Mumbai, Sept 30:
The rupee was trading weak by 28 paise at 62.78 against the dollar at 11.10 a.m. local time.
The rupee weakened by 50 paise to 63 per dollar on increased buying of
the American currency by banks and corporates. The Indian unit had
closed at 62.50 on Friday.
The Government is expected to release the current account deficit data for the April-June quarter today.
The numbers will be watched closely as it will indicate if Finance
Minister P. Chidambaram can adhere to his promise of keeping the current
account deficit at under $70 billion for the full year.
A higher current account deficit puts pressure on the rupee and a lower
figure is seen as an important determinant for a stable rupee.
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 requirement, opened higher at 9.70
per cent from the previous close of 9.45 per cent.
The 7.16 per cent government security, which matures in 2023, opened
flat from the previous close of Rs 90. Yields were unchanged at 8.71 per
cent.
(This article was published on September 30, 2013)
Keywords: Rupee, dollar, dollar buying, current account deficit, June quarter CAD data, call rates, government security,mithilesh kumar chaubey pgdm 1st
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