Rupee dips 14 paise to end at 60.07

The rupee on Monday was down by around 14 paise to end at 60.08 against the American currency on fresh dollar demand from banks and importers, amid weak local equities.

Fresh capital outflows from foreign funds also affected the value of rupee against the dollar, a forex dealer said.

At the Interbank Foreign Exchange (Forex) market, the domestic unit commenced lower at 59.95 from last Friday's close of 59.93.

It dropped further to a low of 60.2050 before concluding at 60.07, showing a fall of 14 paise or 0.23 per cent.

The rupee moved in a range of 59.90 per dollar and 60.2050 per dollar during the day.

Meanwhile, government bond prices declined further on persistent selling from banks and corporates.

The 8.83 per cent 10-year benchmark bond maturing in 2023 fell to Rs 100.38 from Rs 100.29, while its yield edged up to 8.78 per cent from 8.77 per cent previously.

The overnight call money rate ended higher due to good of demand from borrowing banks.

It ended higher at 8.95 per cent from last Friday's level of 7.50 per cent. It moved in range of 8.95 per cent and 8.00 per cent.

Meanwhile, the Reserve Bank of India (RBI), under the Liquidity Adjustment Facility (LAF), purchased securities worth Rs 207.02 billion in 57-bids at the 1-day repo auction at a fixed rate of 8.00 per cent today morning, while it sold securities worth Rs 11.19 billion from 14-bids at the 3-days reverse repo auction at a fixed rate of 7.00 per cent last Friday.