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THE RUPEE: seven paisa gain in open market

06 Apr, 2004

Sufficient supply of dollars encouraged the rupee to recover seven paisa against the dollar on Monday in the open market for buying and selling at Rs 57.70 and Rs 57.75.
Just supply side was strong which helped the rupee to gain its strength versus the dollar, dealers said.
In terms of the single European currency, the rupee also gained nearly 20 paisa for buying and selling at Rs 69.70 and Rs 69.80.
In the world markets, the dollar surged against major global currencies after the US reported on Friday a surprisingly strong rise in non-farm payrolls for March, dealers said.
This raised expectations that Federal Reserve may hike interest rates earlier than expected, which could divert some investments away from other countries into the United States, they noted.



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Kerb Buying             Rs 57.70
Kerb Selling            Rs 57.75
================================



==============================
Buying                Rs 57.39
Selling               Rs 57.41
==============================
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Repo Rates (Yield p a)
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Tenor      Low Bid   High Bid   Low Offer   High Offer    Average
=================================================================
Overnight   3.00       5.50       4.00        6.00           4.63
1-Week      2.90       3.00       3.20        3.40           3.13
2-Week      2.40       2.60       2.80        3.00           2.70
1-Month     1.90       2.00       2.20        2.40           2.13
2-Months    1.80       1.90       2.10        2.20           2.00
3-Months    1.70       1.90       2.10        2.20           1.98
4-Months    1.75       1.95       2.15        2.20           2.01
5-Months    1.80       2.00       2.15        2.25           2.05
6-Months    1.80       1.90       2.20        2.40           2.08
9-Months    2.10       2.30       2.50        2.70           2.40
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
=================================================================
Overnight   3.25       5.75       4.25        6.25           4.88
1-Week      3.00       3.20       3.40        3.60           3.30
2-Week      2.55       2.70       2.90        2.15           2.58
1-Month     2.00       2.20       2.40        2.60           2.30
2-Month     1.90       2.10       2.30        2.50           2.20
3-Month     1.90       2.10       2.20        2.30           2.13
4-Month     1.90       2.10       2.30        2.50           2.20
5-Month     1.95       2.15       2.35        2.55           2.25
6-Month     2.00       2.20       2.40        2.60           2.30
9-Month     2.20       2.40       2.60        2.80           2.50
1-Year      2.30       2.50       2.70        2.90           2.60
=================================================================

The rupee continued recovery in its previous week's losses on account of selling pressure in the greenback, which resumed trading at Saturday's closing rates of Rs 57.75 and Rs 57.85 as its buying and selling rates, respectively. However, the greenback could not sustain at opening levels and started moving down. At the end of trading, it was closed at Rs 57.70 and Rs 57.80 on buying and selling counters, respectively, the dealers said.
Similarly, the rupee showed strength and improved its worth against the pound sterling. The British currency was purchased at Rs 104.90 was sold at Rs 105.30 as compared with 105.50 and Rs 105.80 of Saturday, the dealers added.
The dollar opened at Rs 57.65 (buying) and Rs 57.75 (selling) against the last rates of Rs 57.70 (buying) and Rs 57.80 (selling). It also did not observe any further change in the second spell and closed at Rs 57.65 (buying) and Rs 57.75 (selling).
Pound sterling opened at Rs 105 (buying) and Rs 105.20 (selling) against the last rates of Rs 106.50 (buying) and Rs 106.80 (selling). It did not witness any further fluctuation in the evening session and closed at Rs 105 (buying) and Rs 105.20 (selling).
Canadian dollar opened at Rs 44 (buying) and Rs 44.10 (selling) against the last rates of Rs 43.60 (buying) and Rs 43.70 (selling). It remained firm against rupee throughout the day and closed at Rs 44 (buying) and Rs 44.10 (selling).

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