Re up 23 paise vs $ on Budget hopes

The rupee today gained 23 paise to close at 53.88 on renewed dollar selling as the Economic Survey strengthened the forex market's expectations of the Union Budget taking fiscally prudent steps to attract foreign investment and put the economy back on a high growth path.

The local unit started trading slightly better at 54.06 per dollar from last close of 54.09 and immediately touched a low of 54.07 at the Interbank Foreign Exchange Market. Later, it bounced back on a smart rise in local stocks to a high of 53.63.

Bonds recover on good demand
Government securities (G-sec) rose on good buying support from banks and companies.

The 8.15 per cent G-sec maturing in 2022 rose to Rs 102.28 from Rs 102.16 yesterday, while its yield edged down to 7.80 per cent from 7.82 per cent. The 8.33 per cent G-sec maturing in 2026 climbed to Rs 103.50 from Rs 103.43, while its yield inched down to 7.90 per cent from 7.91 per cent.

Call rates end higher
Call money rates ended higher at the overnight market here today due to good demand from borrowing banks.

The rate finished higher at 7.85 per cent from yesterday's close of 7.75 per cent. It moved in a range of 7.90 per cent and 7.70 per cent.