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Business News/ Market / Stock-market-news/  Rupee ends at 60.08 per dollar
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Rupee ends at 60.08 per dollar

The home currency opened at 59.95 a dollar and fell as much as 60.20 in the afternoon trade

The BSE’s benchmark index, the Sensex, closed at ended at 25,006.98 points on BSE, down 0.07%. Photo: Hemant Mishra/Mint Premium
The BSE’s benchmark index, the Sensex, closed at ended at 25,006.98 points on BSE, down 0.07%. Photo: Hemant Mishra/Mint

Mumbai: The local currency ended at 60.08 a dollar on Monday, because of demand for dollars from state-owned banks. A weak stock market also kept the currency under pressure. The yield on the 10-year benchmark bond was also higher as fears about the risk of higher food prices because of a deficient monsoon hurt demand for government debt.

The rupee opened at 59.95 a dollar and fell as much as 60.20 in the afternoon trade.

Since the beginning of this year, the rupee has gained 2.87%, while foreign institutional investors have bought $11.17 billion during the period from local equity markets.

The BSE’s benchmark index, the Sensex, closed at ended at 25,006.98 points on BSE, down 0.07%.

The yield on India’s 10-year benchmark bond closed at 8.8%, compared with its Friday’s close of 8.77%. Bond yields and prices move in opposite directions.

Monsoon rain, which water most of India’s crops, have been 43% less than normal since June, the weather bureau said last week. In his budget speech on 10 July, finance minister Arun Jaitley said the government’s total borrowing for the year ending March 2015 will be 6 trillion, slightly higher than the 5.97 trillion set by the previous government.

“Trade has been quiet today because dealers are waiting for fresh cues. Demand from state-owned banks has kept the rupee under pressure. A large state-owned bank is buying most likely on behalf of its oil or defence clients," said a dealer at a private bank on condition of anonymity. A drop in the wholesale price inflation did not cheer the rupee and bond market. Wholesale prices eased to a four-month low of 5.43% in June from 6.01% in May. However, dealers were not enthused as prospects for the monsoon do not seem bright.

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Published: 14 Jul 2014, 09:25 AM IST
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