The rupee closed at yet another new low of 48.27/28 against the dollar today as demand for the greenback far outstripped supplies, driven by the tensions across the Indo-Pak border. The stock market, however, was stable with the Bombay Stock Exchange sensitive index (sensex) gaining 52.66 points to close at 3,184.44, driven by a rally in technology stocks.
Reversing a weak-long trend, bond prices went up pushing the yield down.
In a volatile foreign exchange market, the rupee touched an intra-day low of 48.35/36 but closed higher on the back of dollar supplies by the public sector banks. As the rupee recovered, bond prices jumped by 45-60 paise at the medium and long end of the market after a gap of more than a week. The bond prices have been falling continuously since December 20.
With today
