Two paisa recovery was seen in the rupee's value against the dollar in the interbank market for buying and selling at 59.96 and 59.98, dealers said on Wednesday. Heavy import bills increased the dollar buying by the corporate sector as the third quarter of the current fiscal year is near to close.
As a result of rising interest of the foreign investors, inflows' position improved and strengthened the rupee's value versus the US currency, money market analysts said.
In the globe level dollar recovered against most of the currencies as the US Federal Reserve raised interest rates. According to a report, hopes of higher US interest rates have been supportive of the US currency in the recent months because dollar-denominated assets thereby become more attractive for the investors.
The rupee, however, maintained its firmness, gaining 15 paisa more for buying and selling at 71.95 and Rs 72.05. The dollar rose from the bottom after the rise in the US interest rate and the ray of hope is still there for more increase in the rates by the Federal Reserve, dealers said.
================================
Buying Rs 60.30
Selling Rs 60.35
================================
==============================
Buying Rs 59.96
Selling Rs 59.98
==============================
=================================================================
Repo Rates (Yield p a)
-----------------------------------------------------------------
Tenor Low Bid High Bid Low Offer High Offer Average
=================================================================
Overnight 7.00 8.50 8.25 8.75 8.13
1-Week 8.15 8.40 8.25 8.45 8.31
2-Week 8.10 8.35 8.30 8.40 8.29
1-Month 8.20 8.50 8.30 8.60 8.40
2-Months 8.20 8.40 8.30 8.40 8.33
3-Months 8.25 8.40 8.35 8.50 8.38
4-Months 8.25 8.40 8.40 8.60 8.41
5-Months 8.30 8.50 8.45 8.60 8.46
6-Months 8.35 8.60 8.45 8.75 8.54
9-Months 8.40 8.70 8.60 8.75 8.61
1-Year 8.60 8.80 8.75 8.90 8.76
=================================================================
Call Rates (Yield p a)
-----------------------------------------------------------------
Tenor Low Bid High Bid Low Offer High Offer Average
=================================================================
Overnight 7.50 8.75 7.75 9.00 8.25
1-Week 8.75 9.00 9.00 9.25 9.00
2-Week 8.75 8.90 9.00 9.25 8.98
1-Month 8.75 9.25 9.00 9.50 9.13
2-Months 8.80 9.40 9.10 9.50 9.20
3-Months 8.90 9.40 9.30 9.70 9.33
4-Months 9.00 9.50 9.25 9.75 9.38
5-Months 9.10 9.60 9.35 9.80 9.46
6-Months 9.10 9.60 9.35 9.80 9.46
9-Months 9.50 10.00 9.80 10.25 9.89
1-Year 9.60 10.00 9.80 10.25 9.91
=================================================================
