The rupee managed to recover 10 paisa in relation to the dollar in the open market on Wednesday for buying and selling at 59.80 and 59.90, dealers said. Slight fall in demands for the dollar and increased inflows encouraged to local currency to go up versus the greenback, they added. The rupee, however, shed five paisa in relation to the euro for buying and selling at 77.90 and 78.20 as the single European currency held its ground, dealers said.
In the international markets, the dollar drifted lower on fading expectations that the Federal Reserves will raise interest rates soon, money experts said.
Balanced demand and supply helped the rupee to maintain its overnight levels versus the dollar, dealers said.
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Kerb Buying Rs 59.80
Kerb Selling Rs 59.90
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BUYING Rs 59.43
SELLING Rs 59.45
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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 0.75 5.50 1.25 6.00 3.38
1-Week 4.00 4.40 4.50 4.75 4.41
2-Week 5.25 5.50 5.75 6.00 5.63
1-Month 5.25 5.50 5.75 6.00 5.63
2-Months 5.40 5.60 5.90 6.20 5.78
3-Months 5.50 5.75 6.00 6.25 5.88
4-Months 6.00 6.25 6.50 6.75 6.38
5-Months 6.25 6.50 6.75 6.90 6.60
6-Months 6.50 6.70 6.80 7.20 7.80
9-Months 6.75 6.90 7.20 7.40 7.06
1-Year 7.00 7.50 7.75 8.00 7.56
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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 1.50 6.00 2.00 6.50 4.00
1-Week 4.50 4.75 5.00 5.25 4.88
2-Week 5.50 5.75 6.00 6.25 5.88
1-Months 5.50 5.75 6.00 6.50 5.94
2-Months 5.75 6.25 6.00 6.50 6.13
3-Months 6.00 6.25 6.50 6.75 6.38
4-Months 6.90 7.10 7.40 7.60 7.25
5-Months 7.00 7.20 7.50 7.75 7.36
6-Months 7.25 7.50 7.75 7.90 7.60
9-Months 7.70 7.90 8.10 8.30 8.00
1-Year 8.00 8.25 8.50 8.70 8.36
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According to the currency dealers, the dollar resumed trading at Tuesday's closing rates of Rs 59.85 and Rs 59.95 on buying and selling counters, respectively. However, the greenback could not sustain and started declining on account of surge in supply. The dollar finally closed at Rs 59.80 and Rs 59.90 on buying and selling counters, respectively, the dealers added.
However, the local currency remained under pressure and further depreciated its worth against the pound sterling. The pound's buying rate further improved from overnight closing rate of Rs 113.70 to Rs 114.00 while selling rate moved up from Rs 114.00 to Rs 114.70, the dealers added.
The dollar opened at Rs 59.90 (buying) and Rs 60.00 (selling) against same last rate. It did not observe any further change in the second spell and closed at Rs 59.90 (buying) and Rs 60.00 (selling).
Pound sterling opened at Rs 113.55 (buying) and Rs 114.00 (selling) against same previous rate. It did not observe any change in the second session and closed at Rs 113.55 (buying) and Rs 114.00 (selling).