Higher payment bills pushed the dollar demand up in both the interbank and open markets on Tuesday amid tight supply of the greenback, dealers said. The rupee, after maintaining a firm trend in the interbank for the several days, shed three paisa versus the dollar for buying and selling at Rs 59.74 and 59.75, respectively.
Experts said that imports were selling dollars and the country is also receiving remittances properly, but it was soaring oil prices in the world markets, which pushed the bills sharply higher.
In the world markets, the dollar gave up recent weakness versus the euro following the expectations of recovery in the economy after the Hurricane Katrina, dealers said.
The rupee, however, shed 25 paisa against the single European currency for buying at Rs 74.15 and 20 paisa for selling at Rs 74.40 in process of trading, they added.
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Kerb Buying Rs 60.00
Kerb Selling Rs 60.10
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Buying Rs 59.74
Selling Rs 59.75
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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 6.50 8.00 6.75 8.25 7.38
1-Week 7.00 7.50 7.50 7.75 7.44
2-Week 7.25 7.60 7.80 8.00 7.66
1-Month 7.60 7.80 7.75 8.00 7.79
2-Months 7.70 7.90 7.90 8.15 7.91
3-Months 7.80 8.00 8.00 8.25 8.01
4-Months 7.90 8.10 8.20 8.40 8.15
5-Months 8.00 8.20 8.25 8.40 8.21
6-Months 8.10 8.25 8.30 8.40 8.26
9-Months 8.25 8.50 8.40 8.70 8.46
1-Year 8.45 8.65 8.80 8.85 8.69
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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 7.00 8.25 7.25 8.50 7.75
1-Week 7.25 7.75 7.75 8.25 7.75
2-Week 7.50 8.00 7.75 8.25 7.88
1-Month 8.00 8.50 8.25 9.00 8.44
2-Months 8.15 8.75 8.30 9.00 8.55
3-Months 8.25 9.00 8.50 9.25 8.75
4-Months 8.25 9.00 8.50 9.25 8.75
5-Months 8.30 9.00 8.75 9.25 8.83
6-Months 8.50 9.25 8.75 9.50 9.00
9-Months 8.75 9.40 9.20 9.60 9.24
1-Year 9.00 9.50 9.60 9.75 9.46
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According to the currency dealers, the dollar's demand and supply remained intact at overnight closing levels mainly on account of low trading volume. The dollar's buying and selling rates opened at Monday's closing rates of Rs 59.90 and Rs 60.00, respectively. The greenback closed at the opening levels, the dealers added.
However, the local currency marginally improved its worth against the pound sterling. The pound's buying rate declined from Monday's rate of Rs 109.40 to Rs 109.30, while selling rate moved down from Rs 109.80 to Rs 109.70, the dealers added.
The dollar opened at Rs 59.90 (buying) and Rs 60 (selling) against same last rate. It did not observe any further change by the end of second session and closed at Rs 59.90 (buying) and Rs 60 (selling).
Pound sterling opened at Rs 109.30 (buying) and Rs 109.60 (selling) against same previous rate. It did not observe any further change in the evening session and closed at Rs 109.30 (buying) and Rs 109.60 (selling).