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THE RUPEE: over 70 paisa gain versus euro

11 Mar, 2004

Some increasing demand for dollars by corporate sector pushed the rupee-dollar parity down in the interbank market on Wednesday for buying and selling at Rs 57.41 and Rs 57.43, respectively.
The rupee slipped modestly versus the dollar on persistent demand by both foreign and local banks, money changers said.
The dollar was steady amid cautious trading in the international markets, they added.
In the meantime, the rupee firmly held its present levels versus the dollar for buying and selling at Rs 57.53 and Rs 57.60, respectively.

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Kerb Buying             Rs 57.53
Kerb Selling            Rs 57.60
================================

Interbank closing rates for dollar on Wednesday.

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Buying                Rs 57.41
Selling               Rs 57.43
==============================
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Repo Rates (Yield p a)
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Tenor      Low Bid   High Bid   Low Offer   High Offer    Average
=================================================================
Overnight   0.75       1.50       1.00        2.00           1.31
1-Week      1.00       1.20       1.40        1.60           1.30
2-Week      1.20       1.30       1.50        1.70           1.43
1-Month     1.25       1.35       1.50        1.60           1.43
2-Month     1.30       1.50       1.70        1.90           1.60
3-Month     1.35       1.45       1.65        1.80           1.56
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       1.65       1.85        2.00           1.75
9-Month     1.90       2.10       2.30        2.50           2.20
1-Year      2.00       2.20       2.40        2.60           2.30
=================================================================
Call Rates (Yield p a)
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Tenor      Low Bid   High Bid   Low Offer   High Offer    Average
=================================================================
Overnight   1.00       1.75       2.00        2.25           1.75
1-Week      1.10       1.30       1.50        1.70           1.40
2-Week      1.30       1.50       1.70        1.90           1.60
1-Month     1.30       1.50       1.70        1.90           1.60
2-Month     1.50       1.70       1.90        2.10           1.80
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     1.70       1.90       2.00        2.20           1.95
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's demand could not remain intact at Tuesday's level, which provided strength to the rupee. The dollar's trading started at Rs 57.50 and Rs 57.60 on buying and selling sides, respectively as compared with its previous closing at Rs 57.55 and Rs 57.65, respectively.
The opening rates continued to prevail throughout the day, the dealers said.
Similarly, the rupee maintained upward trend and registered further gains against the pound sterling.
The pound was purchased at Rs 105.00 and sold at Rs 105.50 as compared with Tuesday's closing prices of Rs 105.40 and 105.75, respectively, currency dealers added.
The dollar opened at Rs 54.40 (buying) and Rs 54.50 (selling) against the same previous rates. It did not observe any further change in the evening session and closed at Rs 54.40 (buying) and Rs 54.50 (selling).
Pound sterling opened at Rs 105.50 (buying) and Rs 105.70 (selling) against the same last rates. It did not observe any further change in the second session and closed at Rs 105.50 (buying) and Rs 105.70 (selling).
Canadian dollar opened at Rs 42.50 (buying) and Rs 42.60 (selling) against the same overnight values. It did not observe any further change in the evening session and closed at Rs 42.50 (buying) and Rs 42.60 (selling).

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