Continued demand for dollars kept the rupee under pressure which sharply lost 15 paisa versus greenback at Rs 59.95 and Rs 60.00 for buying and selling, respectively, dealers said.
The local currency opened on a weak note and during the day it fell further at 60.00 and 60.05 per dollar as dollars demand outstripped supply. Dollar selling by Standard and Chartered Bnak, National Bank and Muslim Commercial Bank later eased some pressure over the rupee, currency analysts said.
These banks injected nearly 20-30 million dollars into the market but it was expected that pressure might continue because of dollars' continued buying by corporate sector to meet payment requirements, they added.
Some oil payments worth 20 million dollars made the rupee weaker, and it seemed that the rupee might show more weakness as import bills are increasing due to rising oil prices in world markets, dealers said.
An added factor was that importers were buying dollars which increased pressure over rupee.
The rupee has shed more than 3 percent since July 1, 2004, mainly on the country's widening trade deficit and rising inflation.
In the first three months of the current fiscal year, trade deficit jumped to around 754.72 million dollars, against 144.76 million dollars during the same period a year ago.
The rupee also maintained its levels versus euro for buying and selling at Rs 74.55 and Rs 74.85, dealers said.
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Kerb buying Rs 60.10
Kerb selling Rs 60.20
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Buying Rs 59.95
Selling Rs 60.00
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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 6.00 7.25 6.50 7.40 6.79
1-Week 4.75 5.00 5.50 5.75 5.25
2-Week 3.75 4.00 4.00 4.50 4.06
1-Month 3.50 3.75 4.25 4.50 4.00
2-Months 3.25 3.50 3.75 4.00 3.63
3-Months 3.25 3.50 3.75 4.00 3.63
4-Months 3.30 3.60 3.90 4.00 3.70
5-Months 3.25 3.50 3.75 4.00 3.63
6-Months 3.50 3.90 4.25 4.50 4.04
9-Months 3.75 4.00 4.40 3.70 3.96
1-Year 3.90 4.10 4.25 4.50 4.19
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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 6.50 7.40 7.00 7.40 7.08
1-Week 5.00 5.50 6.00 6.50 5.75
2-Week 4.00 4.25 4.50 4.75 4.38
1-Month 3.75 4.00 4.25 4.50 4.13
2-Month 3.50 3.75 4.25 4.50 4.00
3-Month 3.50 3.75 4.25 4.50 4.00
4-Month 3.60 3.80 4.30 4.60 4.08
5-Month 3.75 4.25 4.50 4.75 4.31
6-Month 4.00 4.20 4.70 4.90 4.45
9-Month 4.00 4.25 4.90 5.10 4.56
1-Year 4.50 4.75 5.10 5.30 4.91
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