Rupee trading weak at 54.87

MUMBAI: At 12.32 p.m., the rupee was trading at 54.87 against the dollar.

The domestic unit today opened lower at 54.82 against the dollar due to weak domestic and Asian equity markets as the dollar strengthened against other currencies.

On Thursday, the Indian unit had pared gains to close at 54.50 per dollar.

Global equity markets weakened after the US Federal Reserve officials expressed concerns over continuing to expand stimulative bond-buying. However, the dollar extended gains after a surge in the US debt yields.

At 9.39 am, the rupee was trading at 54.84 to the dollar after touching a high of 54.76 in the early trade.

Moreover, dollar demand from importers will continue to impact the rupee negatively.

The inter-bank call money market opened higher at 8.15 per cent from its previous close of 7.98 per cent on Thursday. Currently, the call rates were trading at 8.05 per cent.

The 8.15 per cent government security, which matures in 2022, was trading higher at Rs 101.38 (yield: 7.93 per cent) from Thursday’s close of Rs 101.19 (yield: 7.96 per cent).