Downward revision continued in rupee value versus dollar in the interband market, losing four paisa at Rs 59.93 and Rs 59.95 for buying and selling, respectively, moneychangers said. The cause of rupee weakness was the rising demand for dollars, money experts said.
Payment requirements pushed the dollar up as banks were purchasing the US currency to make payments, they added. In world markets, the dollar struck a fresh one-month low against yen after weak US economic data dented expectations that Federal Reserve would boost interest rates.
The rupee also came under pressure versus euro, losing 55 paisa for buying and selling at Rs 71.25 and Rs 71.35, respectively, they added.
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Kerb Buying Rs 60.05
Kerb Selling Rs 60.10
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Buying Rs 59.93
Selling Rs 59.95
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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 7.75 7.15 8.25 7.41
1-Week 7.90 8.00 8.00 8.15 8.01
2-Week 8.00 8.20 8.10 8.30 8.15
1-Month 8.10 8.25 8.20 8.30 8.21
2-Months 8.15 8.35 8.30 8.50 8.33
3-Months 8.20 8.50 8.30 8.55 8.39
4-Months 8.25 8.50 8.40 8.60 8.44
5-Months 8.35 8.60 8.45 8.70 8.53
6-Months 8.40 8.55 8.50 8.75 8.55
9-Months 8.40 8.70 8.60 8.75 8.61
1-Year 8.50 8.75 8.65 8.90 8.70
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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 8.00 7.50 8.75 7.81
1-Week 8.25 8.50 8.50 8.75 8.50
2-Week 8.30 8.60 8.65 8.80 8.59
1-Month 8.50 9.25 8.75 9.50 9.00
2-Months 8.75 9.25 9.00 9.50 9.13
3-Months 8.75 9.50 9.00 9.75 9.25
4-Months 8.75 9.60 9.25 9.80 9.35
5-Months 8.90 9.75 9.30 9.90 9.46
6-Months 9.25 9.90 9.50 10.25 9.73
9-Months 9.40 10.00 9.75 10.25 9.85
1-Year 9.50 10.00 9.75 10.25 9.88
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According to the currency dealers, the dollar's trading commenced at overnight closing rates of Rs 59.95 and Rs 60.05 on buying and selling sides, respectively. As a result of fresh demand, the dollar's rate moved up and closed at Rs 60.00 and Rs 60.10 on buying and selling counters, respectively, the dealers said.
Similarly, the local currency remained under pressure and further lost its worth against the pound sterling. The pound's buying rate improved from Rs 104.30 to Rs 104.90 while selling rate moved up from Rs 104.68 to Rs 105.20, the dealers added.
The dollar opened at Rs 59.90 (buying) and Rs 60.00 (selling) against the previous rate. It did not witness any further change in the second session and closed at Rs 59.90 (buying) and Rs 60.00 (selling).
The pound sterling opened at Rs 104.40 (buying) and Rs 104.90 (selling) against the overnight value. It did not observe any further change in the second spell and closed at Rs 104.40 (buying) and Rs 104.90 (selling).