Importers' dollar buying pushed the rupee's value sharply down in the interbank market on Monday versus the US currency, losing eight paisa for buying and selling at 59.83 and 59.85, respectively.
Market sources said that rupee's value came down as both the local and foreign banks extended dollar buying to meet the payment requirements, currency analysts said.
They said that the banks bought nearly 70 million dollars to clear oil and other major payments, it seems as a result of higher demand for dollar, the rupee might show further slide versus the greenback.
Recent surge in the oil prices in the global market pushed the import bills higher widening country's trade deficit, experts said.
In the international markets, the dollar shed its value against the euro as the investors sold dollars to gain profit, dealers said.
The rupee shed 25 paisa against the euro for buying and selling at 69.90 and Rs 70.00, dealers said.
The single European currency gained moderately versus the local currency on the back of some strength versus the other major currencies in the world markets, they added.
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Kerb Buying Rs 59.95
Kerb Selling Rs 60.05
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Buying Rs 59.83
Selling Rs 59.85
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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 8.00 8.85 8.25 8.90 8.50
1-Week 8.40 8.50 8.60 8.70 8.55
2-Week 8.25 8.40 8.50 8.60 8.44
1-Month 8.35 8.45 8.50 8.60 8.48
2-Months 8.35 8.45 8.50 8.60 8.48
3-Months 8.45 8.50 8.50 8.60 8.51
4-Months 8.45 8.50 8.55 8.60 8.53
5-Months 8.50 8.55 8.60 8.65 8.58
6-Months 8.50 8.65 8.65 8.75 8.64
9-Months 8.60 8.65 8.70 8.75 8.68
1-Year 8.60 8.65 8.75 8.85 8.71
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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 9.75 9.25 10.00 9.50
1-Week 8.60 8.75 8.90 9.25 8.88
2-Week 8.85 9.25 9.50 9.75 9.34
1-Month 8.75 9.00 9.75 10.25 9.44
2-Months 8.80 9.25 9.75 10.25 9.51
3-Months 8.75 9.50 9.50 10.25 9.50
4-Months 9.00 9.50 9.50 10.00 9.50
5-Months 9.00 9.60 9.25 10.00 9.46
6-Months 9.00 9.50 9.40 9.75 9.41
9-Months 9.10 9.75 9.50 10.00 9.59
1-Year 9.25 10.00 9.70 10.20 9.79
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According to the currency dealers, the dollar continued previous week rising trend and further improved its value. The dollar commenced trading at Saturday's closing levels of Rs 59.85 and Rs 59.95 as its buying and selling rates, respectively. At the end of trading, the dollar moved higher and closed at Rs 59.90 and Rs 60.00 on buying and selling sides, respectively, the dealers said.
Similarly, the local currency failed to maintain upward trend and registered loss against the pound sterling. The British pound was purchased at Rs 103.90 and was sold at Rs 104.30 as compared to previous closing of Rs 103.70 and Rs 104.10, the dealers added.
The dollar opened at Rs 59.75 (buying) and Rs 59.85 (selling) against overnight value of Rs 59.80 (buying) and Rs 59.90 (selling). It did not observe any further change in the second spell and closed at Rs 59.75 (buying) and Rs 59.85 (selling).
Pound sterling opened at Rs 103.80 (buying) and Rs 104 (selling) against last rate of Rs 104.30 (buying) and Rs 104.70 (selling). It did not observe any further change and closed at Rs 103.80 (buying) and Rs 104 (selling).