Rupee opens weak at 63.44 per dollar

Written By Unknown on Rabu, 21 Agustus 2013 | 10.54

The Indian rupee opened lower at 63.44 per dollar versus 63.25 yesterday.

Dollar weakened to trade sub 81 levels. The euro-dollar sees a smart upmove to a 6-month high of 1.34 levels as the yield premium that 10-year US Treasury notes offer over German bunds narrowed.

The Reserve Bank of India (RBI) on Tuesday late evening issued another set of steps , aimed at twin purposes; arresting dip in long term bond yields and shielding banks from incurring financial losses due to declining bond prices. Bond yields and prices move in opposite direction.

Instead of squeezing money (monetary tightening) from the system, the central bank announced to conduct an open market operation (OMO) to purchase (not sell) government bonds of Rs 8,000 crore from the market on August 23, 2013.

However, RBI will purchase only long-term papers including the government securities (GS) offering 8.15 percent rate of interest and maturing in 2022. Some of the other securities include 7.16 percent GS 2023, 8.33 percent GS 2026 and 8.97 percent GS 2030.



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