Increasing demand for dollars by the corporate sector in the interbank market on Monday dragged the rupee value down, giving up eight paisa against the dollar for buying and selling at 59.70 and 59.72, money experts said.
Higher import payment bills pushed the dollar demand up as major banks bought dollars and importers on the other hand also covered their forward requirements.
The dollar is dearer in the local market despite the fact that the greenback is not gaining momentum in the globe due to rising oil prices, they observed.
In the meantime, dealers said that if the dollar supply increases in the shape of remittance and inflows of foreign exchange for investment in the country, the rupee to limit its slide versus the US currency.
In the world markets, the oil prices continuously going up and crossed 70 dollars mark a barrel on Monday in the Asian trading, experts said.
Commenting on the persisting rise in the oil rates, experts attributed the upward trend to the Iraq war, saying that if the tensions prolonged in the region over the war and other geo-political issues, the prices might climb in the near future.
Fresh increase in the oil prices, hurt the dollar's sentiment in the world markets as the greenback lost its stability against most of the currency units, they said.
The rupee maintained its firmness, showing no change versus the dollar in its weekend's buying and selling rates at 60.05 and 60.15, respectively.

================================
Kerb Buying             Rs 60.05
Kerb Selling            Rs 60.15
================================

==============================
Buying                Rs 59.70
Selling               Rs 59.72
==============================
=================================================================
Repo Rates (Yield p a)
-----------------------------------------------------------------
Tenor      Low Bid   High Bid   Low Offer   High Offer    Average
=================================================================
Overnight   6.50       7.50       6.75        8.00           7.19
1-Week      6.75       7.00       7.25        7.40           7.10
2-Week      7.00       7.25       7.25        7.40           7.23
1-Month     7.10       7.40       7.40        7.75           7.41
2-Months    7.50       7.60       7.75        8.00           7.71
3-Months    7.60       7.80       7.90        8.10           7.85
4-Months    7.70       7.90       8.00        8.20           7.95
5-Months    7.80       8.00       8.10        8.20           8.03
6-Months    7.90       8.10       8.15        8.30           8.11
9-Months    8.00       8.20       8.30        8.45           8.24
1-Year      8.25       8.50       8.75        8.90           8.60
=================================================================
Call Rates (Yield p a)
-----------------------------------------------------------------
Tenor      Low Bid   High Bid   Low Offer   High Offer    Average
=================================================================
Overnight   7.00       8.00       7.25        8.50           7.69
1-Week      7.00       7.50       7.50        8.00           7.50
2-Week      7.25       7.75       7.60        8.10           7.68
1-Month     7.60       8.00       8.25        8.50           8.09
2-Months    8.00       8.25       8.25        8.50           8.25
3-Months    8.10       8.75       8.50        9.00           8.59
4-Months    8.25       8.80       8.60        9.10           8.69
5-Months    8.30       9.00       8.75        9.25           8.83
6-Months    8.50       9.20       8.75        9.50           8.99
9-Months    8.75       9.40       9.20        9.60           9.24
1-Year      9.00       9.50       9.60        9.75           9.46
=================================================================