Our Bureau Mumbai, Jan 7
The rupee today opened at 55.01 against the dollar on stronger domestic and Asian equity markets. At 9.33 am, the rupee was trading higher at 54.93 to the dollar. On Friday, it had closed at 55.06 per dollar.
The Indian unit today gained to 54.90 in the morning trades as global equity markets soared on hopes of a steady recovery of the US economy on the back of relaxation of an earlier draconian draft of new global bank liquidity rules by the Basel Committee of banking supervisors. Further, investors expect the rupee to gain in the weeks ahead on hopes of a rate cut by the Reserve Bank of India in its third quarter monetary policy review on January 29.
Call Rates and G-Secs
The inter-bank call money market opened higher at 8.10 per cent from its previous close of 8.05 per cent on Friday. It was trading at 7.85 per cent in morning trade. The 8.15 per cent government security, which matures in 2022, was trading higher at Rs 101.57 (yield: 7.90 per cent) from a close of Rs 101.42 (yield: 7.93 per cent) on Friday. (Source: Businessline)