Post-budget session saw weak sentiment in the open market on Tuesday as the rupee shed 20 paisa on the buying counter at 60.55 and fell 15 paisa on the sellingg side at 60.60, dealers said According to the market sources, the rupee drifted lower on rising demand for dollars for meeting the payment requirements.
They said that both local and foreign banks were active to meet the overseas payments before the end of the fiscal year.
Higher trend in the oil prices, pushed the payments up as many importers indulged in forward buying of dollars in anticipation that the greenback value might climb, currency observers noted.
The rupee lost 50 paisa versus the euro for buying and selling at Rs 74.60 and Rs 74.80 as the single European currency showed its muscles on European Central Bank's (ECB) remark, dealers said.
In the world markets, the dollar held its firmness as the euro continued its fall against the other major currencies, they said.
In Asian trading, it showed slight recovery on the European Central Bank's statement in which it had mitigated the immediate cut in the interest rate.
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Kerb Buying Rs 60.55
Kerb Selling Rs 60.60
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Buying Rs 59.67
Selling Rs 59.68
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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 2.75 5.00 3.50 5.50 4.19
1-Week 4.75 5.00 5.25 5.50 5.13
2-Week 5.25 5.50 5.75 6.00 5.63
1-Month 6.50 6.75 7.00 7.25 6.88
2-Months 6.70 6.90 7.30 7.50 7.10
3-Months 7.00 7.20 7.40 7.60 7.30
4-Months 7.10 7.30 7.40 7.65 7.36
5-Months 7.20 7.35 7.50 7.75 7.45
6-Months 7.40 7.60 7.90 8.00 7.73
9-Months 7.60 7.90 8.00 8.25 7.94
1-Year 7.80 8.00 8.30 8.45 8.14
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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 3.50 5.50 4.00 6.00 4.75
1-Week 5.00 5.50 5.50 6.00 5.50
2-Week 5.75 6.00 6.25 6.50 6.13
1-Month 7.25 7.75 7.50 8.00 7.63
2-Months 7.20 7.50 7.80 7.90 7.60
3-Months 7.50 7.70 7.90 8.10 7.80
4-Months 7.60 7.80 8.00 8.10 7.88
5-Months 7.70 8.00 8.40 8.70 8.20
6-Months 8.00 8.20 8.50 9.00 8.43
9-Months 8.20 8.40 8.70 8.90 8.55
1-Year 8.40 8.80 9.00 9.50 8.93
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According to the currency dealers, the dollar witnessed fresh demand which helped improvement in its worth against the rupee. The dollar resumed trading at Rs 60.60 and Rs 60.70 on buying and selling counters, respectively.
Soon after resumption of trading, the dollar started moving up and finally closed at Rs 60.65 and Rs 60.75 on buying and selling sides, respectively, as compared to Rs 60.52 and Rs 60.60 of Monday, the dealers said.
Similarly, the rupee remained under pressure, and registered loss against the pound sterling. The British pound was purchased at Rs 111.00, and sold at Rs 111.30 as compared to Rs 110.10 and Rs 110.50 of Monday, they added.
The dollar opened at Rs 60.25 (buying) and Rs 60.35 (selling) against the same previous rate. It did not observe any further change in the second spell and closed at Rs 60.25 (buying) and Rs 60.35 (selling).
Pound sterling opened at Rs 110.40 (buying) and Rs 110.60 (selling) against the previous rate of Rs 110.85 (buying) and Rs 110.95 (selling). It did not observe any change in the second session and closed at Rs 110.40 (buying) and Rs 110.60 (selling).