The rupee on Tuesday came under pressure versus the dollar on increased demand from importers, pushing the rates down for buying and selling at 59.40 and 59.42, respectively. The rupee tumbled with slight fall on oil payments, particularly car-makers, and several banks remained busy in buying dollars from the interbank market, dealer. Currency experts said that the market was likely to remain steady in the near-term as dollar inflows were satisfactory due to rising trend in the remittances.
On the other hand, inflows of around 48 million dollars were expected in the next few days by the exporters.
The rupee might be able to stabilise and touch the new high at 59.30 in coming days, they said.
In the world market, the dollar continued its weakness versus the major currencies, dealers said.
OPEN MARKET RATES: As the market was expecting, the euro crossed the Rs 81 mark versus the rupee for buying and selling at Rs 80.90 and Rs 81.20 on prevailing demand.
The local currency shrugged off its overnight weakness, picking up five paisa for buying and selling at Rs 59.85 and Rs 59.95, respectively.
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Kerb Buying Rs 59.85
Kerb Selling Rs 59.95
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Buying Rs 59.40
Selling Rs 59.42
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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 1.50 1.75 2.00 2.25 1.88
1-Week 3.75 4.25 4.50 4.75 4.31
2-Week 3.50 3.75 4.00 4.25 3.88
1-Month 3.50 3.75 4.00 4.25 3.88
2-Months 3.60 3.90 4.00 4.25 3.94
3-Months 3.75 4.15 4.00 4.25 4.04
4-Months 4.00 4.25 4.50 4.75 4.38
5-Months 4.25 4.50 4.75 5.00 4.63
6-Months 4.75 5.00 5.25 5.50 5.13
9-Months 5.00 5.25 5.50 5.75 5.38
1-Year 5.25 5.50 5.75 6.00 5.63
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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 2.00 2.25 3.00 3.25 2.63
1-Week 4.00 4.25 4.50 4.75 4.38
2-Week 3.75 4.00 4.25 4.50 4.13
1-Month 3.75 4.00 4.50 4.75 4.25
2-Month 4.15 4.20 4.50 4.75 4.40
3-Month 4.25 4.50 4.75 5.00 4.63
4-Month 4.50 4.75 5.00 5.25 4.88
5-Month 4.75 5.00 5.25 5.75 5.19
6-Month 5.25 5.50 5.75 6.00 5.63
9-Month 5.75 6.00 6.25 6.50 6.13
1-Year 5.75 6.00 6.25 6.50 6.13
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According to the currency dealers, the demand for dollar declined which helped the rupee improve its value. The dollar resumed trading at overnight closing levels of Rs 59.90 and Rs 59.95 on buying and selling counters, respectively. Following the increase in supply, the dollar started moving down, and finally closed lower at Rs 59.80 and Rs 59.90 on buying and selling sides, respectively, the dealers added.
The rupee, however, failed to maintain upward trend, and registered a loss against the pound sterling. The pound's buying rate improved from Monday's closing rate from Rs 114.40 to Rs 115.00 while the selling rate increased from Rs 114.90 to Rs 115.40, the they said.
The dollar opened at Rs 57.80 (buying) and Rs 57.90 (selling) against the last rate. It did not observe any further change in the evening session, and closed at Rs 57.80 (buying) and Rs 57.90 (selling).
Pound sterling opened at Rs 114.30 (buying) and Rs 114.50 (selling) against same overnight value. It did not observe any further change in the evening session, and closed at Rs 114.30 (buying) and Rs 114.50 (selling).