Increased importers' rush for dollars on Monday pulled the rupee value down in the interbank market to face 10 paisa erosion in a single day for a dollar at Rs 58.46 and Rs 58.48 for buying and selling, respectively, currency dealers said.
Continued demand for dollars by importers pushed the rupee to lowest since December 2002, compared with Rs 58.36 and Rs 58.38 weekend's rate as the government has to pay approximately 30 million dollars on Tuesday.
Since the new fiscal year started, the rupee has lost about 35 paisa versus dollar due to tight availability of the US currency. Demand was so strong that even small investors were not selling dollars on anticipation of improved profit or return in the coming days. If the rupee continues its fall versus dollar, the latter might touch Rs 58.50 mark in near future, analysts said.
All foreign major banks covered their requirements and bought nearly 30-40 million dollars to meet the debt payments, experts said.
The local currency also came under pressure versus euro and lost 50 paisa for buying and selling at Rs 71.20 and Rs 71.50 on rising its demand in the international markets, they added.
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Kerb Buying Rs 58.60
Kerb Selling Rs 58.65
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Buying Rs 58.46
Selling Rs 58.48
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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 1.50 1.00 2.00 1.25
1-Week 0.50 0.75 1.00 1.25 0.88
2-Week 1.00 1.25 1.50 1.75 1.38
1-Month 1.40 1.60 2.00 2.20 1.80
2-Months 1.80 2.00 2.20 2.40 2.10
3-Months 1.90 2.10 2.30 2.50 2.20
4-Months 2.00 2.20 2.40 2.60 2.30
5-Months 2.20 2.40 2.60 2.80 2.50
6-Months 2.40 2.60 2.80 3.00 2.70
9-Months 2.80 3.00 3.20 3.40 3.10
1-Year 3.00 3.25 3.50 3.75 3.38
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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 0.75 1.75 1.25 2.25 1.50
1-Week 0.75 1.00 1.25 1.50 1.13
2-Week 1.25 1.50 1.75 2.00 1.63
1-Month 1.80 2.00 2.20 2.40 2.10
2-Month 2.00 2.20 2.40 2.60 2.30
3-Month 2.10 2.30 2.50 2.70 2.40
4-Month 2.25 2.50 2.75 3.00 2.63
5-Month 2.40 2.60 2.80 3.00 2.70
6-Month 2.60 2.80 3.00 3.20 2.90
9-Month 3.00 3.20 3.40 3.60 3.30
1-Year 3.25 3.50 3.75 4.00 3.63
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