The rupee was trading weak by 14 paise at 62.40 at 2.59 p.m. local time on strong American currency and a weak domestic equity market.
The domestic unit fell 12 paise to 62.38 in the opening trade against the previous close of 62.26 at the Interbank Foreign Exchange market.
The rupee hovered in the range of 62.31-62.55 during the afternoon session.
The dollar held steady at a two-week high against other overseas currencies after positive US economic data that reinforced expectations that the US central bank will continue the already announced tapering of the quantitative fiscal stimulus.
Call rates and bonds
The interbank call money rate, the rate at which banks borrow short-term money from each other, was trading higher at 7.75 per cent from Thursday’s close of 6.78 per cent.
Yield on the benchmark government security 8.83 per cent (maturing in 2023) was trading a tad softer at 8.83 per cent from the previous close of 8.84 per cent compared with previous close.
Prices of the security moved up to Rs 99.95 from Rs 99.92 on Thursday).
