The rupee ended 9 paise higher at 60.18 against the dollar on continued concerns of rising global oil prices due to the violence in Iraq.
Brent crude was priced close to 9-month high of $115 a barrel on Friday on increased risks of disruption of oil supply from Iraq, which is also the second largest exporter of oil to India.
The domestic unit opened weaker at 60.24 from Thursday’s close of 60.09 per dollar at the Interbank Foreign Exchange market.
The unit declined to 60.33 on capital outflows from the domestic equity market with the BSE-benchmark Sensex ending at 25,105.51 points, down by 96 points (0.38 per cent) over its previous close.
However, it recovered to 60.14 as exporters sold dollars to book profits, dealers said. Intraday, the rupee moved in a narrow range of 19 paise from 60.14 to 60.33 per dollar.
Experts estimate the rupee to trade in the 59 to 61 per dollar range in the short term.
Call money rates, Bond yields rise
The overnight call money rate ended higher at 8.50 per cent from Thursday’s close of 7.90 per cent. The call money rates moved in a range of 7.60 per cent to 8.70 per cent.
Falling for the third consecutive day, the 8.83 per cent benchmark bond maturing in 2023 declined to Rs. 100.66 from Rs. 100.89, while its yield hardened to 8.72 per cent from a close of 8.68 per cent. Bond prices and yields move in the opposite directions.
Source:- thehindubusinessline.com
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