Re slumps to 3-week low on $ demand

The rupee on Monday dived to a three- week low of 54.85 by losing 37 paise against the dollar due to persistent demand for the US currency, amid the government lowering its economic growth forecast for the current financial year.

Continuing its downward march for a fourth straight session, the rupee closed down 0.68 per cent from its previous close at 54.85, after moving in a range of 54.40- 54.89 against the dollar during the day.

Bonds remain up on good demand
Government securities (G-sec) remained up on consistent demand from banks and companies. The 8.33 per cent G-sec maturing in 2026 surged to Rs 100.79 from Rs 100.75 last Friday, while its yield inched down to 8.23 per cent from 8.24 per cent.

Call rates end higher
Call money rates finished higher at the overnight market here on Monday, due to fresh demand from borrowing banks. The rate finished higher at 8.10 per cent from previous close of 8.05 per cent.