MUMBAI, JAN 22: 
The rupee pared its initial gains to touch 53.67 against the dollar at the Interbank Foreign Exchange market due to oil-related dollar buying from importers.
After opening stronger at 53.55 from its previous close of 53.75 per dollar, the domestic unit jumped to a three-month high of 53.37 against the dollar in the first session of the trade.
However, the demand for dollar from oil importers limited the gains and the rupee revered its early gains and was trading at 53.61 per dollar at 1.41 p.m. local time.
The gains were on the back of import duty hike on gold by 2 percentage points to 6 per cent to curb the demand and limit the surging fiscal deficit.
Gold import-related buying of the American currency is an important source of dollar demand after oil in the currency markets.
Call rates, G-Secs up
The inter-bank call money rates opened higher at 8.10 per cent from Monday’s close of 8.08 per cent. The call money rates touched a low of 7.95 per cent in the early trade and were currently was trading at 8.05 per cent.
The 8.15 per cent government security, which matures in 2022, was trading higher at Rs 101.99 (yield: 7.84 per cent) from Rs 101.88 (yield: 7.86 per cent).