The rupee on Wednesday continued its weakness versus the euro for the second day running in the kerb market, shedding nearly a rupee for buying and selling at Rs 72.74 and Rs 73.05, respectively.
The euro made sharp recovery at Rs 73.90 and Rs 74.20 on the back of dollar's slide versus major currencies, dealer said.
Now it again has started clawing back as a meeting of euro zone finance ministers and the European Central Bank on Monday avoided the usual wording of wanting a strong and stable currency, stressing instead discontent about the pace of euro gains after it hit record high near 1.29 dollar last week, they added.
In the early hours, the euro recovered 70 paisa versus the rupee at Rs 72.50 and Rs 72.80 on renewed buying by small investors. Later, it extended its winning streak on increasing demand, dealers said.
The rupee firmed against dollar on balanced demand and supply position at Rs 57.52 and Rs 57.57 in process of trading.
Smooth supply of dollar would help the rupee to gain versus the dollar in the near future, they added.
Money experts said that due to easy supply, the dollar touched 45.40 Indian rupees on Wednesday, following the news that the Fitch Ratings upgraded the country's long-term foreign currency rating to 'BB+' from 'BB'.
They hoped that Indian rupee might gain slightly ahead of general election despite solicitous watch by the Reserve Bank of India (RBI).
In the world markets, the dollar failed to hold its firmness versus major currencies, dealers said.
INTERBANK RATES: The rupee shed one paisa in interbank market against the dollar for buying and selling at Rs 57.35 and Rs 57.37.
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Kerb Buying Rs 57.52
Kerb Selling Rs 57.57
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INTERBANK CLOSING RATES: Interbank closing rates for dollar on Wednesday.
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Buying Rs 57.35
Selling Rs 57.37
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Repo Rates (Yield p a)
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Tenor Low Bid High Bid Low Offer High Offer Average
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Overnight 0.75 1.50 1.25 2.00 1.38
1-Week 1.00 1.25 1.75 2.00 1.50
2-Week 1.25 1.50 2.00 2.25 1.75
1-Month 1.20 1.40 1.60 1.80 1.50
2-Month 1.20 1.40 1.60 1.80 1.50
3-Month 1.40 1.60 1.80 2.00 1.70
4-Month 1.50 1.70 1.90 2.20 1.83
5-Month 1.60 1.90 2.10 2.30 1.98
6-Month 1.70 1.90 2.10 2.30 2.00
9-Month 2.00 2.20 2.40 2.60 2.30
1-Year 2.20 2.40 2.60 2.80 2.50
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Call Rates (Yield p a)
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Tenor Low Bid High Bid Low Offer High Offer Average
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Overnight 1.00 1.75 1.50 2.25 1.63
1-Week 1.25 1.50 2.00 2.25 1.75
2-Week 1.50 1.75 2.25 2.50 2.00
1-Month 1.30 1.50 1.70 1.90 1.60
2-Month 1.30 1.50 1.70 1.90 1.60
3-Month 1.50 1.70 1.90 2.10 1.80
4-Month 1.60 1.80 2.10 2.30 1.95
5-Month 1.90 2.10 2.30 2.50 2.20
6-Month 1.90 2.10 2.30 2.50 2.20
9-Month 2.30 2.50 2.70 2.90 2.60
1-Year 2.40 2.60 2.80 3.00 2.70
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RUPEE IN LAHORE: The rupee failed to maintain upward trend and marginally shed its value by two paisa in relation to the greenback in the local currency market on Wednesday.
The supply and demand of greenback remained static during the early hours trading. The dollar opened trading at its overnight closing level of Rs 57.45 and Rs 57.55 on buying and selling sides, respectively.
However, fractional upward change was witnessed in dollar's value due to fresh buying. At the end, the dollar closed at Rs 57.47 and Rs 57.57 as its buying and selling rates respectively, the dealers added.
Similarly, the rupee maintained downward trend, and registered a significant loss in its worth against the pound sterling.
The pound was purchased at Rs 105.00 and was sold at Rs 105.50, as compared to Tuesday's closing of Rs 103.00 and Rs 103.35, respectively.
The dealers were of the view that pound's appreciation was because of its rising trend in the international markets.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee remained firm against the dollar on the open currency markets of Islamabad and Rawalpindi here on Wednesday.
The dollar opened at Rs 57.45 (buying) and Rs 57.55 (selling) against the same overnight value.
It did not show any further change in the evening session, and closed at Rs 57.45 (buying) and Rs 57.55 (selling), respectively.
The pound sterling opened at Rs 103.40 (buying) and Rs 103.50 (selling) against the same previous rate. It did not witness any further change in the evening session, and closed at Rs 103.40 (buying) and Rs 103.50 (selling), respectively.
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