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THE RUPEE: two paisa gain in open market

09 Apr, 2004

The smooth supply of the dollar in the interbank market helped the rupee recover two paisa in the open market on Thursday versus the greenback for buying and selling at Rs 57.68 and Rs 57.73, respectively.
Some dealers said the rupee would maintain its stability owing to the slow demand for the dollars, while the rupee, however, lost 35 paisa in relation to the euro for buying and selling at Rs 70.00 and Rs 70.30, respectively.
In the world markets, the dollar fell versus the euro on rising turmoil in Iraq.



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Kerb Buying             Rs 57.68
Kerb Selling            Rs 57.73
================================



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Buying                Rs 57.36
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
=================================================================
Overnight   5.50       7.40       6.25        7.45           6.65
1-Week      2.50       2.75       2.75        3.00           2.75
2-Week      2.00       2.20       2.40        2.60           2.30
1-Month     1.65       1.70       1.90        2.10           1.84
2-Months    1.70       1.80       2.10        2.20           1.95
3-Months    1.80       1.90       2.10        2.25           2.01
4-Months    1.70       1.80       2.00        2.20           1.93
5-Months    1.75       1.85       2.05        2.20           1.96
6-Months    1.80       1.95       2.20        2.30           2.06
9-Months    2.10       2.30       2.50        2.70           2.40
1-Year      2.30       2.50       2.70        2.90           2.60
=================================================================
Call Rates (Yield p a)
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Tenor      Low Bid   High Bid   Low Offer   High Offer    Average
=================================================================
Overnight   5.75       7.45       7.40        7.50           7.03
1-Week      2.70       2.90       3.10        3.30           3.00
2-Week      2.30       2.50       2.70        2.90           2.60
1-Month     1.90       2.10       2.30        2.40           2.18
2-Month     2.00       2.20       2.40        2.60           2.30
3-Month     2.00       2.20       2.40        2.60           2.30
4-Month     1.90       2.10       2.30        2.50           2.20
5-Month     2.00       2.20       2.40        2.60           2.30
6-Month     2.20       2.40       2.40        2.60           2.40
9-Month     2.20       2.40       2.60        2.80           2.50
1-Year      2.40       2.60       2.80        3.00           2.70
=================================================================

The dollar moved down due to surge in its supply situation against the demand. The dollar started trading at overnight closing levels of Rs 57.75 and Rs 57.85 on buying and selling sides, respectively. At the end, it was closed lower at Rs 57.70 and Rs 57.80 as its buying and selling rates, respectively.
The currency dealers were of the view that dollar would not show any significant movement and would move around the prevailing rates during next couple of days.
On the contrary, the rupee remained under pressure and lost its value against the pound sterling. The pound's buying rate improved from Wednesday's closing rate of Rs 105.60 to Rs 105.80, while selling rate moved up from Rs 106 to Rs 106.20, the dealers said.
The dollar opened at Rs 57.70 (buying) and Rs 57.80 (selling) against the same overnight values. It did not observe any further change in the evening session and closed at Rs 57.70 (buying) and Rs 57.80 (selling).
Pound sterling opened at Rs 106 (buying) and Rs 106.10 (selling) against same last rates. It did not witness any further change in the evening session and closed at Rs 106 (buying) and Rs 106.10 (selling).
Canadian dollar opened at Rs 44.60 (buying) and Rs 44.70 (selling) against the same last rates. It remained firm against the rupee in the second session and closed at Rs 44.60 (buying) and Rs 44.70 (selling).

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