Increasing demand for dollars in the interbank market on Thursday forced the rupee to face more depreciation versus dollar for buying and selling at Rs 58.88 and Rs 58.90, market men said. In fact, the banks are still buying dollars to meet their clients' demand, they said. In spite of importers' demand for payment requirements, they are also busy in dollars' forward buying in anticipation of rising its demand in the days ahead, they added.
They (importers) wanted to keep themselves safe from the future losses, they said. The market is not receiving proper supply of dollars in the absence of normal selling process.
Actually, people who have dollar stocks are not interested in fresh selling due to recent rise in its value in the local market, currency experts said.
In the world markets, the dollar trading remained range-bound as comments by the Federal Reserves Chairman Alan Greenspan failed to give any boost to the US currency, dealers said.
In the meantime, exporters' proceeds and banks' selling eased pressure over the rupee, trimming 5 paisa at close for buying and selling at Rs 59.50 and Rs 59.60, they added.
Thus, the rupee has lost 30 paisa versus the dollar and present trend in the market signalling that the falling trend might continue for near terms, they said.
On the back of dollar's weakness, the euro gained 70 paisa in relation to the local currency for buying and selling at Rs 72.60 and Rs 72.90.
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KERB BUYING Rs 59.50
KERB SELLING Rs 59.60
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BUYING Rs 58.88
SELLING Rs 58.90
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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 1.00 0.75 2.00 1.06
1-Week 1.25 1.50 1.75 2.00 1.63
2-Week 2.25 2.50 2.70 2.90 2.59
1-Month 2.50 2.75 2.90 3.10 2.81
2-Months 2.25 2.40 2.75 3.00 2.60
3-Months 2.40 2.50 2.90 3.00 2.70
4-Months 2.50 2.60 3.00 3.10 2.80
5-Months 2.60 2.70 3.00 3.20 2.88
6-Months 2.70 2.80 3.00 3.20 2.93
9-Months 2.80 3.00 3.40 3.60 3.20
1-Year 3.10 3.30 3.70 3.90 3.50
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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 1.25 0.75 2.00 1.19
1-Week 1.50 1.75 2.00 2.25 1.88
2-Week 2.50 2.75 3.00 3.25 2.88
1-Month 2.70 2.90 3.10 3.25 2.99
2-Month 2.50 2.75 3.10 3.25 2.90
3-Month 2.60 2.80 3.20 3.40 3.00
4-Month 2.70 2.90 3.20 3.40 3.05
5-Month 2.75 3.00 3.25 3.50 3.13
6-Month 2.90 3.10 3.50 3.90 3.35
9-Month 3.10 3.30 3.70 3.90 3.50
1-Year 3.40 3.60 4.00 4.10 3.78
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