<p>The rupee on Friday breached the 60-mark against dollar again in intra-day trades on the back of heavy dollar demand by oil importers. However, during afternoon trades it recovered a tad and ended the day stronger by 5 paise at Rs 59.63 per dollar.<br /><br />The local currency had opened at Rs 59.76 and traded in a range of Rs 59.61 to Rs 60.17. It had closed at Rs 59.68 on Thursday. According to currency dealers, dollar sale by state-run banks on behalf of the Reserve Bank of India (RBI) helped the recovery of the rupee.<br /><br />The rupee breaching the Rs 60 mark took a toll on the bond market as the yield on the 10-year benchmark bond 7.16 per cent 2023 ended at 7.54 per cent on Friday compared to previous close of 7.47 per cent.</p>.<p><br />RBI data released on Friday showed that in the week ending July 5 total reserves fell by $ 4.5 billion to $ 280.2 billion. During the week foreign currency fell by $ 3.2 billion to $ 252.1 billion. <br /><br />It may be noted that the apex bank had called a meeting with Oil marketing Companies (OMCs) on Monday to explore the possibility of dollar sales to OMCs directly. However, according to currency dealers the discussion is yet to react a firm conclusion.</p>
<p>The rupee on Friday breached the 60-mark against dollar again in intra-day trades on the back of heavy dollar demand by oil importers. However, during afternoon trades it recovered a tad and ended the day stronger by 5 paise at Rs 59.63 per dollar.<br /><br />The local currency had opened at Rs 59.76 and traded in a range of Rs 59.61 to Rs 60.17. It had closed at Rs 59.68 on Thursday. According to currency dealers, dollar sale by state-run banks on behalf of the Reserve Bank of India (RBI) helped the recovery of the rupee.<br /><br />The rupee breaching the Rs 60 mark took a toll on the bond market as the yield on the 10-year benchmark bond 7.16 per cent 2023 ended at 7.54 per cent on Friday compared to previous close of 7.47 per cent.</p>.<p><br />RBI data released on Friday showed that in the week ending July 5 total reserves fell by $ 4.5 billion to $ 280.2 billion. During the week foreign currency fell by $ 3.2 billion to $ 252.1 billion. <br /><br />It may be noted that the apex bank had called a meeting with Oil marketing Companies (OMCs) on Monday to explore the possibility of dollar sales to OMCs directly. However, according to currency dealers the discussion is yet to react a firm conclusion.</p>
