Rupee weaker; TBill yield up

The rupee closed weaker at 118.80/85 a dollar, compared with Tuesday’s close of 118.50/60. It hit an all-time low of 120.90 on 15 February, after the Central Bank stopped supporting a specific price level.

Dealers said the rupee weakened, despite the inflows from offshore investors to buy shares, as importers bought dollars and some foreign investors exited their rupee bond positions.

The benchmark 91-day T-bill yield meanwhile rose by 20 basis points to a 28-month high of 9.51%.