Rupee gains for 2nd day on dollar inflows

The rupee rose for a second session on Monday, boosted by dollar selling by companies and custodian banks, although month-end dollar demand from oil firms could limit a sharp rally in the coming days.

Gains in the rupee tracked a rally in shares, as a drop in global crude oil prices after Iran clinched a nuclear deal with world powers sparked hopes of reduced inflationary pressures and a narrower current account deficit at home.

The partially convertible rupee closed at 62.50/51 a dollar compared with 62.87/88 on Friday. The unit moved in a 62.44-62.70 range during the session.

Call rates ends higher
  Call money rates ended higher at the overnight market due to good demand from borrowing banks. The rates finished higher at 8.7 per cent against eight per cent last Friday. It moved in a range of 8.8 and 8.6 per cent.