THE RUPEE: 5 paisa gain versus dollar in open market

06 Jun, 2004

Modest recovery was seen in the open market at the week-end as the rupee picked up five paisa versus dollar for buying and selling at Rs 58.30 and Rs 58.40, respectively, dealers said.
The local currency gained on slight improvement in supply of dollars, they added.
The rupee, however, lost 45 paisa in relation to euro for buying and selling at Rs 71.50 and Rs 71.80 on increased demand for the single European currency, viewers said.
In the world markets, the greenback dropped versus major currencies after strong US jobs report, moneychangers said.
The rupee did not move to any side versus the greenback for buying and selling at Rs 57.78 and Rs 57.80, market men said.

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Kerb buying Rs 58.30
Kerb selling Rs 58.40
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Interbank closing rates for dollar on Saturday.

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Buying Rs 57.78
Selling Rs 57.80
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Repo 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 3.50 0.75 4.00 2.19
1-Week 1.00 1.25 1.50 1.75 1.38
2-Week 1.75 2.00 2.25 2.50 2.13
1-Month 3.30 3.50 3.70 3.90 3.60
2-Months 3.25 3.50 3.75 4.00 3.63
3-Months 3.00 3.25 3.50 3.75 3.38
4-Months 3.10 3.30 3.50 3.70 3.40
5-Months 3.10 3.30 3.50 3.70 3.40
6-Months 3.10 3.30 3.50 3.70 3.40
9-Months 3.30 3.50 3.70 3.90 3.60
1-Year 3.50 3.70 3.90 4.10 3.80
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Call Rates (Yield p a)
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Overnight 0.75 3.75 1.00 4.25 2.44
1-Week 1.25 1.50 1.75 2.00 1.63
2-Week 2.00 2.25 2.50 2.75 2.38
1-Month 3.40 3.60 3.80 4.00 3.70
2-Month 3.50 3.75 4.00 4.25 3.88
3-Month 3.25 3.50 3.75 4.00 3.63
4-Month 3.20 3.40 3.60 3.80 3.50
5-Month 3.20 3.40 3.60 3.80 3.50
6-Month 3.30 3.50 3.70 3.90 3.60
9-Month 3.50 3.70 3.90 4.10 3.80
1-Year 3.70 3.90 4.10 4.30 4.00
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The investors continued offloading their dollars holding which pushed its value down against the rupee. The greenback commenced trading at overnight closing rates of Rs 58.45 and Rs 58.55 on buying and selling counters, respectively. As a result of the increase in supply situation, the dollar could not maintain its position, and closed at Rs 58.40 and Rs 58.50 as its buying and selling rates, respectively, the currency dealers said.
On the contrary, the rupee remained under pressure, and registered depreciation against the British pound, as its buying rate improved from Friday's closing rate of Rs 107.00 to Rs 107.15, while selling rate moved up from Rs 107.30 to Rs 107.50, they added.
The dollar opened at Rs 58.25 (buying) and Rs 58.35 (selling) against the same overnight value. It did not observe any further change in the second session, and closed at Rs 58.25 (buying) and Rs 58.35 (selling).
The pound sterling opened at Rs 107 (buying) and Rs 107.20 (selling) against the same overnight value. It did not observe any further change in the evening session and closed at Rs 107 (buying) and Rs 107.20 (selling).
The Canadian dollar opened at Rs 42.30 (buying) and Rs 42.40 (selling) against the same previous rate. It did not observe any further change in the second spell, and closed at Rs 42.30 (buying) and Rs 42.40 (selling).

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