The rupee was trading marginally up by 3 paise at 62.47 at 4.04 p.m. local time.
The domestic unit opened at 62.45 per dollar against the previous close of 62.50 against the dollar due to drop in oil prices and persistent selling of the American dollar by exporters and banks.
The rupee hovered in the range of 62.28-62.53 levels during the afternoon session.
“Dollar inflows by corporates and fall in oil prices overseas following a key deal between world powers and Iran on its controversial nuclear programme boosted the rupee sentiment,” said a public sector bank’s forex dealer.
“The rupee is likely to remain range-bound with a downward bias due to the month-end dollar demand from importers. It is likely to trade at about 62-63 per dollar range during the week ahead,” the dealer said.
Call rates, G-Secs
The overnight call money rate, the rate at which banks borrow short-term funds from each other, opened higher from the previous close of 8.8 per cent against the previous close of 8.7 per cent. The call money market largely remained flat over last week.
Bond prices on 8.28 per cent security, maturing in 2027, opened higher at Rs 93.35 from Friday’s close of Rs 93.22. The yields softened to 9.13 per cent from the previous close of 9.15 per cent.
Yields on the 10-year benchmark government security, 7.16 per cent maturing in 2023, hardened a tad to 9.09 per cent from 9.08 per cent.
