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THE RUPEE: euro scores substantial gain

07 Mar, 2004

The rupee-dollar parity rates moved slightly on Saturday in the open market for buying and selling at Rs 57.47 and Rs 57.48, respectively.
The local currency firmed up in the absence of major demand for dollars, moneychangers said. The rupee might hover within a band of Rs 57.40 and Rs 57.65 in the coming days, they added.
Against the open market trend, the rupee drifted lower versus the euro, losing nearly one rupee for buying and selling at Rs 71.13 and Rs 71.43.
In the world markets, the euro went up versus the dollar as the greenback came under pressure after the weaker-than-expected job report, dealers said.
The rupee managed to hold its present levels versus the dollar for buying and selling at Rs 57.35 and Rs 57.37, respectively.

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Kerb Buying             Rs 57.47
Kerb Selling            Rs 57.57
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Interbank closing rates for dollar on Saturday.

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Buying                Rs 57.35
Selling               Rs 57.36
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Repo Rates (Yield p a)
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Tenor      Low Bid   High Bid   Low Offer   High Offer    Average
=================================================================
Overnight   0.40       1.75       0.50        2.25           1.23
1-Week      0.50       1.50       1.00        2.50           1.38
2-Week      0.60       1.25       0.90        1.50           1.06
1-Month     1.25       1.60       1.50        1.90           1.56
2-Month     1.20       1.35       1.50        1.60           1.41
3-Month     1.20       1.40       1.60        1.80           1.50
4-Month     1.30       1.50       1.70        1.90           1.60
5-Month     1.45       1.55       1.75        2.00           1.69
6-Month     1.50       1.70       1.90        2.10           1.80
9-Month     1.90       2.10       2.30        2.50           2.20
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   0.50       2.00       0.60        2.50           1.40
1-Week      0.75       1.75       1.25        2.75           1.63
2-Week      0.70       1.40       1.10        1.80           1.25
1-Month     1.30       1.70       1.60        2.00           1.65
2-Month     1.30       1.50       1.70        1.90           1.60
3-Month     1.40       1.60       1.80        2.00           1.70
4-Month     1.50       1.70       1.90        2.10           1.80
5-Month     1.60       1.80       2.00        2.20           1.90
6-Month     1.80       2.00       2.20        2.40           2.10
9-Month     2.00       2.20       2.40        2.60           2.30
1-Year      2.20       2.40       2.60        2.80           2.50
=================================================================

The dollar commenced trading at the overnight closing level of Rs 57.60 and Rs 57.70 as its buying and selling rates, respectively. As a result of contraction in demand, the greenback's rate moved down and finally closed at Rs 57.55 and Rs 57.65 on buying and selling counters, respectively, the dealers said.
On the contrary, the rupee remained under pressure and registered loss against the pound sterling. The pound's buying rate increased from Friday's closing rate of Rs 105.30 to Rs 106.00 while selling rate moved up from Rs 105.60 to Rs 106.30, the dealers added.
The dollar opened at Rs 54.40 (buying) and Rs 54.50 (selling) against the same last rate. It did not observe any further change in the evening session and closed at Rs 54.40 (buying) and Rs 54.50 (selling) respectively.
Pound sterling opened at Rs 106.50 (buying) and Rs 106.60 (selling) against last rate of Rs 105.50 (buying) and Rs 105.70 (selling) respectively. The British currency did not observe any further change in the second session and closed at Rs 106.50 (buying) and Rs 106.60 (selling) respectively.
Canadian dollar opened at Rs 42.50 (buying) and Rs 42.60 (selling) against overnight value of Rs 43 (buying) and Rs 43.20 (selling) respectively. It did not observe any further change in the evening session and closed at Rs 42.50 (buying) and Rs 42.60 (selling) respectively.

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