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THE RUPEE: 55 paisa gain versus euro

14 Jan, 2004

The rupee on Tuesday recovered 55 paisa versus the euro in the kerb market for buying and selling at Rs 73.35 and Rs 73.65, respectively.
The local currency managed to gain as the single European currency fell in terms of dollar following European Central Bank (ECB) president's warning that the fall of the greenback was 'brutal' and not appropriate, currency experts said.
Some dealers attributed the fall to profit-taking in euro trade, as investors sold it to gain higher profit.
The rupee continued its weakness versus dollar and shed three paisa for buying and selling at Rs 57.53 and Rs 57.58, respectively.
In the international markets, the dollar improved slightly versus the euro and yen after ECB president's comment, dealers said.
Market men said that balanced demand and supply of dollars encouraged the local currency to sustain its prevailing levels.

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Kerb Buying             Rs 57.53
Kerb Selling            Rs 57.58
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Interbank closing rates for dollar on Tuesday.

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Buying                Rs 57.44
Selling               Rs 57.45
==============================
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Repo Rates (Yield p a)
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Tenor      Low Bid   High Bid   Low Offer   High Offer    Average
=================================================================
Overnight   4.00       4.50       5.00        5.50           4.75
1-Week      2.80       3.00       3.20        3.40           3.10
2-Week      2.40       2.60       2.80        3.00           2.70
1-Month     1.60       1.80       1.90        2.20           1.88
2-Month     1.40       1.60       1.80        2.00           1.70
3-Month     1.40       1.60       1.80        2.00           1.70
4-Month     1.40       1.60       1.80        2.00           1.70
5-Month     1.40       1.60       1.80        2.00           1.70
6-Month     1.50       1.70       1.90        2.10           1.80
9-Month     1.70       1.90       2.10        2.30           2.00
1-Year      2.00       2.20       2.40        2.60           2.30
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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   4.25       4.75       5.25        5.75           5.00
1-Week      2.90       3.10       3.30        3.50           3.20
2-Week      2.50       2.70       2.90        3.10           2.80
1-Month     1.70       1.90       2.10        2.30           2.00
2-Month     1.30       1.50       1.75        2.00           1.64
3-Month     1.50       1.70       1.90        2.10           1.80
4-Month     1.50       1.70       1.90        2.10           1.80
5-Month     1.50       1.75       2.00        2.25           1.88
6-Month     1.60       1.80       2.00        2.20           1.90
9-Month     1.80       2.00       2.20        2.40           2.10
1-Year      2.10       2.25       2.40        2.50           2.31
=================================================================

There was slight decline in greenbacks' demand which caused depreciation in its worth. The dollar commenced trading at Rs 57.48 and Rs 57.58 as its buying and selling rates, respectively.
However, it could not sustain at the opening levels and due to selling pressure, it moved down and finally closed at Rs 57.45 and Rs 57.55 on buying and selling counters, respectively, as compared with Rs 57.50 and Rs 57.60 of Monday.
The dealers were of the view that investors are showing keen interest in making investment in Iraqi Dinar which registered about 100 percent rise in its worth.
Moreover, the rupee also showed little improvement in its worth against the pound sterling.
The pound's buying rate declined from Monday's Rs 105.95 to Rs 105.85 while selling rate decreased from Rs 106.70 to Rs 106.50, the dealers added.
The dollar opened at the buying and selling rates of Rs 57.40 and Rs 57.50 against the last rates of Rs 57.35 and Rs 57.45, respectively. It did not observe any further change in the evening session and buying and selling rates closed at Rs 57.40 and Rs 57.50, respectively.
Pound sterling opened at the buying and selling rates of Rs 105.75 and Rs 105.95 against the last rates of Rs 106 and Rs 106.10, respectively. British currency did not observe any further change in the evening session and buying and selling rates closed at Rs 105.75 and Rs 105.95, respectively.

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