The rupee strengthened against the dollar in the open market on Monday, gaining further five paisa versus the dollar for buying and selling at 60.05 and 60.10, respectively.
The rupee retained its firmness on balanced demand and supply position of the dollar and it is expected that the rates might not move sharply in the coming days, money experts said.
The rupee, however, failed to maintain its rising trend versus the euro as the single European currency managed to gain strength on the back of dollar's weakness in the international markets, they said.
In the world markets, the dollar retreated in thin Easter holiday trade on Monday, hurt by worries the Federal Reserve will soon draw curtain on a nearly two-year campaign of raising short-term interest rates.
Foreign traders said that sentiment for the dollar was dampened by an article in the Wall Street Journal saying some Fed officials are not convinced they need to keep raising interest rates beyond an expected move in May.
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Buying Rs 60.05
Selling Rs 60.10
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Buying Rs 59.95
Selling Rs 59.96
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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 8.90 8.95 8.90 8.95 8.93
1-Week 8.80 8.90 8.90 8.95 8.89
2-Week 8.65 8.80 8.75 8.90 8.78
1-Month 8.60 8.70 8.75 8.80 8.71
2-Months 8.45 8.60 8.60 8.70 8.59
3-Months 8.45 8.60 8.55 8.70 8.58
4-Months 8.45 8.65 8.60 8.70 8.60
5-Months 8.45 8.65 8.60 8.70 8.60
6-Months 8.50 8.65 8.65 8.75 8.64
9-Months 8.55 8.70 8.70 8.80 8.69
1-Year 8.60 8.80 8.75 8.90 8.76
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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 9.25 9.25 9.50 9.25
1-Week 9.25 9.40 9.35 9.50 9.38
2-Week 9.00 9.25 9.10 9.50 9.21
1-Month 8.90 9.25 9.10 9.50 9.19
2-Months 8.75 9.25 9.10 9.50 9.15
3-Months 9.00 9.30 9.10 9.60 9.25
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 9.25 9.60 9.35 9.80 9.50
9-Months 9.50 10.00 9.80 10.25 9.89
1-Year 9.60 10.00 9.80 10.25 9.91
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According to the currency dealers, the dollar's trading resumed at Saturday's closing of Rs 60.10 and Rs 60.20 on buying and selling rates, respectively. The dollar witnessed a fractional change in its value during the trading, but finally closed at the opening level, the dealers added. However, volume of trading remained considerably low, they pointed out.
On the contrary, the rupee remained under pressure and lost its value versus the pound sterling. The pound's buying rate increased from previous closing of Rs 104.40 to Rs 104.70 while its selling rate moved up from Rs 104.80 to Rs 105.10, the dealers said.
The dollar opened at Rs 60.10 (buying) and Rs 60.20 (selling) against same last week's rate. It did not witness any change in the evening session and closed at Rs 60.10 (buying) and Rs 60.20 (selling).
Pound sterling opened at Rs 105.25 (buying) and Rs 105.40 (selling) against last rate of Rs 104.40 (buying) and Rs 104.70 (selling). It did not observe any change in the last trading hours and closed at Rs 105.25 (buying) and Rs 105.40 (selling).