The rupee was trading weak by 4 paise at 62.36 against the dollar at 3.18 p.m. local time against the previous close of 62.32 due to mild dollar demand from banks and importers on the back of firm dollar overseas.
The rupee opened flat at 62.30 against the dollar on Tuesday after gaining in the previous session on the back of a turnaround in manufacturing sector, indicating a recovery in the economy.
HSBC India Manufacturing Purchasing Managers Index (PMI) rose to 51.3 in November from 49.6 in October. This is the highest PMI level since March.
The latest PMI data along with Friday’s gross domestic product data, which showed 4.8 per cent growth in GDP in the September quarter against 4.4 per cent in the first quarter, is likely to support the rupee.
Since January, the rupee has fallen by about 13 per cent.
Call rates, G-secs
The interbank call money rate, the rate at which banks borrow from each other to meet their short-term requirements, opened significantly higher at 7.75 per cent from the previous close of 6.75 per cent.
The 7.16 per cent benchmark government security, which matures in 2023, opened lower at Rs 88.10 from its previous close of Rs 88.16. The yields remained unchanged at 9.04 per cent.
