The rupee extended its weekend's fall versus the dollar in the interbank market on Monday, losing five paisa on the buying side at Rs 59.75 and three paisa on the selling counter at 59.78, dealers said. According to the market sources the rupee drifted lower on increasing demand for dollars by the corporate sector.
They said that the rupee might see further erosion versus the US currency before the end of the out-going fiscal year.
In the world markets, according to the Reuters, the Japanese currency lost its value against the euro and also inched closer to an eight-month low against the dollar as China insisted that it would not be bullied into re-valuing its currency.
The rupee gaine two paisa against the dollar for buying and selling at 60.40 and 60.45 in the process of trading, market sources said.
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Kerb Buying Rs 60.40
Kerb Selling Rs 60.45
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BUYING Rs 59.75
SELLING Rs 59.78
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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 8.90 8.95 8.90 8.95 8.93
1-Week 8.75 8.90 8.90 8.95 8.88
2-Week 8.50 8.65 8.75 8.90 8.70
1-Month 7.55 7.75 8.00 8.25 7.89
2-Months 7.35 7.50 7.75 8.00 7.65
3-Months 7.40 7.65 7.85 8.00 7.73
4-Months 7.45 7.75 8.00 8.15 7.84
5-Months 7.65 7.85 8.10 8.25 7.96
6-Months 7.80 8.00 8.15 8.40 8.09
9-Months 7.90 8.15 8.45 8.60 8.28
1-Year 8.25 8.50 8.75 9.00 8.63
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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 9.00 9.25 9.50 9.75 9.38
1-Week 9.00 9.25 9.25 9.50 9.25
2-Week 8.75 8.90 9.00 9.50 9.04
1-Month 8.00 8.25 8.50 8.75 8.38
2-Months 7.75 8.00 8.25 8.50 8.13
3-Months 7.85 8.15 8.35 8.50 8.21
4-Months 7.90 8.25 8.50 8.65 8.33
5-Months 8.10 8.35 8.60 8.36 8.35
6-Months 8.25 8.50 8.75 9.00 8.63
9-Months 8.40 8.65 8.90 9.20 8.79
1-Year 8.75 9.00 9.15 9.30 9.05
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According to the currency dealers, the dollar commenced trading at Saturday's closing rates of Rs 60.50 and Rs 60.60 on buying and selling rates, respectively. The greenback maintained upward move and closed higher at Rs 60.55 and Rs 60.65 on buying and selling counters, respectively, the dealers added.
However, the local currency showed strength and improved its worth against the pound sterling. The British pound was purchased at Rs 109.50 and was sold at Rs 110.00 as compared to Rs 109.80 and Rs 110.20 of Saturday, the dealers added.
The dollar opened at Rs 60.40 (buying) and Rs 60.50 (selling) in the morning session. It did not observe any further fluctuation in the evening session and closed at Rs 60.40 (buying) and Rs 60.50 (selling).
Pound sterling opened at Rs 109.50 (buying) and Rs 109.80 (selling) against last rate of Rs 110 (buying) and Rs 110.40 (selling). It did not observe any change in the second session and closed at Rs 109.50 (buying) and Rs 109.80 (selling).