Strong demand for US dollars kept the rupee under pressure in the interbank market on Friday, losing more three paisa at Rs 58.39 and Rs 59.42 for buying and selling, respectively, dealers said.
The rupee tumbled as a bank showed interest in fresh 40 million dollars buying for import payments, they added. Falling trend in foreign exchange reserves was also an added factor for rupee's weakness, experts observed.
Besides, the exporters were still on the sidelines, holding their export proceeds on anticipation of more erosion in the value of rupee, they said.
"If the rupee's fall persists in the market, the dollar might cross Rs 59 level in the open market in the coming days," they added.
In addition, the weaker rupee reflected the widening trade deficit and slowdown in foreign currency remittances, analysts said.
The dollar firmly held its overnight levels in relation to other currencies in the world market on rising expectation about the US economic data, dealers said.
The interbank market dollars buying from the open market dragged the rupee's value down, they added.
The rupee was unchanged versus the single European currency for the second day in a row on euro's drifting position in the world markets, dealers said.
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Kerb buying Rs 58.70
Kerb selling Rs 58.75
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Buying Rs 58.39
Selling Rs 58.42
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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 3.50 6.50 4.50 7.00 5.38
1-Week 3.00 3.25 3.75 4.00 3.50
2-Week 2.25 2.50 2.75 3.00 2.63
1-Month 1.90 2.10 2.30 2.50 2.20
2-Months 2.00 2.20 2.40 2.60 2.30
3-Months 2.00 2.20 2.40 2.60 2.30
4-Months 2.20 2.40 2.60 2.80 2.50
5-Months 2.40 2.60 2.80 3.00 2.70
6-Months 2.60 2.80 3.00 3.20 2.90
9-Months 2.80 3.00 3.20 3.40 3.10
1-Year 3.00 3.20 3.40 3.60 3.30
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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 3.75 6.75 4.75 7.25 5.63
1-Week 3.25 3.50 4.00 4.25 3.75
2-Week 2.50 2.75 3.00 3.25 2.88
1-Month 2.10 2.30 2.50 2.70 2.40
2-Month 2.20 2.40 2.60 2.80 2.50
3-Month 2.30 2.50 2.70 2.90 2.60
4-Month 2.40 2.60 2.80 3.00 2.70
5-Month 2.50 2.80 3.00 3.20 2.88
6-Month 2.80 3.00 3.20 3.40 3.10
9-Month 3.10 3.30 3.50 3.70 3.40
1-Year 3.30 3.50 3.80 4.00 3.65
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