Rupee up 8 paise at 60.29

The rupee on Thursday gained eight paise to close the day at 60.29 against the dollar in line with the surge in stock markets, breaking three-day losing streak. Fresh dollar selling by exporters amid weak dollar overseas aided the rupee, forex dealers said, adding that sustained capital outflows restricted the gain in local currency.

At the interbank foreign exchange (Forex) market, the domestic currency resumed better at 60.30 a dollar from the previous close of 60.37.

It swung between 60.26 and 60.50 before concluding at 60.29, a rise of eight paise.

In the previous three three sessions, the rupee had lost 30 paise.

The BSE benchmark Sensex surged by 351.61 points, snapping three-session of losing strings. FIIs withdrew Rs 44.69 crore yesterday, as per provisional data with stock exchanges.

Government securities (G-sec) rose on good buying support from banks and corporates and the overnight call money rates also ended higher due to fresh demand from borrowing banks.

The 8.83 per cent government security maturing in 2023 shot up to Rs 99.86 from Rs 99.13, while its yield fell to 8.85 per cent from 8.96 per cent.

The overnight call money rate finished higher at 8.00 per cent from 7.05 per cent Wednesday and it moved in a range of 8.15 per cent and 7.00 per cent and the 4-days call money rate opened at 8.10 per cent and moved in a range 8.45 per cent and 7.70 per cent before settling at 8.30 per cent.