Rupee rises most in two weeks, up 21 paise

The rupee on Tuesday rose 21 paise, logging its best daily gain in two weeks, to end at 62.22 to the dollar after trade gap narrowed in January and the dollar fell ahead of Fed Reserve chief Janet Yellen's testimony to US Congress. Fresh dollar selling by exporters and some banks also helped the rupee close in the positive terrain even though fears of capital outflows persisted, forex traders said. At the Interbank Foreign Exchange market, the domestic currency commenced higher by 62.37 from the last close of 62.43.

Bonds drop, call rate ends stable
Government securities' (G-Sec) prices dropped on selling pressure from banks and corporates while, the overnight call money rates ended stable as demand from borrowing banks matched the supply. The 8.83 per cent government security maturing in 2023 fell to Rs 100.5550 from Rs 100.8850 previously, while its yield climbed to 8.74 per cent from 8.69 per cent.

The overnight call money rate ended stable at 9.15 per cent, it moved in a range of 9.20 per cent and 8.80 per cent.