THE RUPEE: 50 paisa loss versus euro

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THE RUPEE: 50 paisa loss versus euro

04 Aug, 2005

The rupee lost 50 paisa against the euro in the open market on Wednesday as the local currency continued its weakness on the buying and selling counters at Rs 73.40 and Rs 73.60, respectively. The single European currency has started showing its muscles on the back of dollar's vulnerability in the international markets, dealers said.
The rupee maintained its overnight levels versus the dollar for buying and selling at 60.40 and 60.50, respectively.
The rupee held it's steadier trend on exporters' dollar selling and strong remittances, they said.
In the overseas markets, the greenback failed to retain its firmness in terms of the world currencies, they added.


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Kerb Buying             Rs 60.40
Kerb Selling            Rs 60.50
================================


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Buying                Rs 59.63
Selling               Rs 59.64
==============================
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Repo Rates (Yield p a)
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Tenor      Low Bid   High Bid   Low Offer   High Offer    Average
=================================================================
Overnight   7.50       8.75       8.00        8.75           8.25
1-Week      7.50       7.75       7.75        8.00           7.75
2-Week      7.25       7.50       7.60        8.00           7.59
1-Month     7.60       7.75       7.80        8.00           7.79
2-Months    7.60       7.80       7.90        8.00           7.83
3-Months    7.70       7.90       7.90        8.10           7.90
4-Months    7.90       8.10       8.10        8.25           8.09
5-Months    8.10       8.25       8.25        8.40           8.25
6-Months    8.10       8.30       8.25        8.50           8.29
9-Months    8.25       8.35       8.50        8.70           8.45
1-Year      8.50       8.60       8.70        8.80           8.65
=================================================================
Call Rates (Yield p a)
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Tenor      Low Bid   High Bid   Low Offer   High Offer    Average
=================================================================
Overnight   7.80       8.90       8.50        9.00           8.55
1-Week      8.00       8.25       8.25        8.50           8.25
2-Week      7.75       8.00       8.20        8.50           8.11
1-Month     7.75       8.00       8.25        8.75           8.19
2-Months    8.00       8.25       8.50        8.80           8.39
3-Months    8.30       8.60       8.45        9.00           8.59
4-Months    8.50       8.65       8.75        9.00           8.73
5-Months    8.65       8.75       9.00        9.20           8.90
6-Months    8.75       9.00       9.15        9.40           9.08
9-Months    9.00       9.25       9.50        9.65           9.35
1-Year      9.20       9.40       9.70       10.00           9.58
=================================================================

According to the currency dealers, the demand for the dollar remained intact, which pushed the rupee's value down. The dollar commenced trading at Rs 60.45 and Rs 60.55 as its buying and selling rates, respectively. As a result of fresh buying, the dollar moved up, and closed higher at Rs 60.50 and Rs 60.60 on buying and selling counters, respectively, as compared to Rs 60.40 and Rs 60.50 of Tuesday, the dealers said.
Likewise, the rupee further moved down against the pound sterling. The British pound was purchased at Rs 106.20, and sold at Rs 106.40 as compared to Rs 105.65 and Rs 106.00 of Tuesday, they added.
The dollar opened at Rs 60.45 (buying) and Rs 60.55 (selling) against the last rate. It did not observe any further change in the evening spell, and closed at Rs 60.45 (buying) and Rs 60.55 (selling).
Pound sterling opened at Rs 105.60 (buying) and Rs 105.90 (selling) against the last rate of Rs 105.10 (buying) and Rs 105.60 (selling). It did not observe any further change, and closed at Rs 105.60 (buying) and Rs 105.90 (selling).

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