Buying pressure from the interbank market eased the rupee value slightly against dollar on Friday in the open market which shed five paisa for buying and selling at Rs 59.55 and Rs 59.65, respectively, dealers said. Since the fiscal year 2004-05 started, the rupee has lost nearly Re 1 in the open market at Rs 59.55 an Rs 59.65.
Dealers said that at close the rupee further shed five paisa against dollar whose rates rose to Rs 59.60 and Rs 59.70 for buying and selling, respectively, on increased demand.
In addition, the gap between the official and open market rates widened, showing 65 paisa difference, as dollars demand increased on higher payments, they said.
But they added that the rates might stabilise in the coming week when debt payments pressure eases.
According to market sources, the rupee lost sizeably as banks bought dollars on behalf of corporate clients ahead of the end of first quarter.
The State Bank is injecting dollars to keep the rupee-dollar parity at a resistance level of Rs 59 in the interbank market, they said.
Some experts said that the stable foreign exchange reserves as a result of continuity of the remittances with significant improvement would definitely help the rupee to recover some ground versus the greenback in the near future.
The euro breached an important mark of Rs 73 versus the rupee in the open market after recovering solid ground in the overseas markets, currency experts said.
The single European currency is dominating the global financial markets these days as the dollar trimmed some gains on cloudy US economic outlook, they observed.
So, the local currency also came under pressure, suffering 10 paisa loss versus euro for buying and selling at Rs 72.70 and Rs 73.00.
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Kerb buying Rs 59.55
Kerb selling Rs 59.65
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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 1.00 5.50 1.50 6.00 3.50
1-Week 3.00 4.00 4.50 5.00 4.13
2-Week 2.50 2.75 3.00 3.50 2.94
1-Month 2.75 3.00 3.50 3.75 3.25
2-Months 2.75 3.00 3.25 3.50 3.13
3-Months 2.50 2.60 3.00 3.20 2.83
4-Months 2.60 2.70 3.10 3.25 2.91
5-Months 2.70 2.75 3.20 3.30 2.99
6-Months 2.75 3.00 3.25 3.50 3.13
9-Months 2.90 3.00 3.50 3.70 3.28
1-Year 3.00 3.25 3.75 4.00 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 1.25 6.00 1.75 6.50 3.88
1-Week 4.25 4.75 4.75 5.25 4.75
2-Week 2.75 3.00 3.25 3.50 3.13
1-Month 3.00 3.20 3.70 3.90 3.45
2-Month 2.90 3.20 3.50 3.70 3.33
3-Month 2.75 3.00 3.25 3.50 3.13
4-Month 2.75 3.00 3.25 3.50 3.13
5-Month 2.90 3.10 3.40 3.50 3.23
6-Month 2.90 3.10 3.50 3.60 3.28
9-Month 3.00 3.25 3.70 3.90 3.46
1-Year 3.30 3.60 4.00 4.10 3.75
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