The rupee was trading strong by 24 paise at 62.21 against the dollar at 2.54p.m. local time.
The rupee opened strong by 12 paise at 62.33 per dollar against the previous close of 62.45 on increased selling of the US currency and on the back of a recovery in the domestic equity market. Last week, the rupee had gained about 0.7 per cent against the dollar.
India’s gross domestic product rose to 4.8 per cent in the three months ended September 2013 from 4.4 per cent recorded in the previous quarter. This is likely to strengthen the Indian unit in the current week, as more foreign investors might bring dollar to the Indian shores.
The interbank call money rate, the rate at which banks borrow from each other to meet their short-term requirements, opened higher at 7.75 per cent from the previous close of 7.5 per cent.
The 7.16 per cent benchmark government security, which matures in 2023, opened higher at Rs 88.20 per dollar from the previous close of Rs 88.17. Yields remained flat from the previous close of 9.04 per cent.
