Bearish sentiment prevailed in the currency market on Monday as the dollars' demand by the corporate sector was higher, dealers observed. Another, leading factor was the international market closure, which dried the dollars' supply in the market, currency analysts said.
The rupee shed two paisa against the dollar in the interbank market for buying and selling at 60.28 and 60.30, dealers said. In the world markets, the dollar drifted lower versus the yen and euro on receding expectations about the rise in the US interest rates in the month of August, they said.
The rupee also slid versus the euro, shedding 10 paisa for buying and selling at Rs 77.29 and Rs 77.39, respectively.
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Buying Rs 60.60
Selling Rs 60.65
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Buying Rs 60.28
Selling Rs 60.30
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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 5.50 7.25 6.00 7.50 6.56
1-Week 7.25 7.75 7.50 7.90 7.60
2-Week 7.50 8.00 7.90 8.10 7.88
1-Month 7.75 8.10 8.00 8.30 8.04
2-Months 8.15 8.30 8.25 8.40 8.28
3-Months 8.25 8.50 8.35 8.50 8.40
4-Months 8.30 8.55 8.40 8.65 8.48
5-Months 8.40 8.55 8.50 8.70 8.54
6-Months 8.40 8.65 8.50 8.70 8.56
9-Months 8.50 8.70 8.65 8.80 8.66
1-Year 8.70 8.80 8.75 8.85 8.78
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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 5.75 7.75 6.25 8.00 6.94
1-Week 7.50 8.00 7.80 8.25 7.89
2-Week 8.00 8.40 8.25 8.60 8.31
1-Month 8.60 9.00 8.75 9.25 8.90
2-Months 8.60 9.25 8.90 9.40 9.04
3-Months 8.75 9.40 9.15 9.60 9.23
4-Months 8.90 9.40 9.25 9.60 9.29
5-Months 9.00 9.50 9.25 9.60 9.34
6-Months 9.25 9.65 9.40 9.75 9.51
9-Months 9.25 9.75 9.60 10.00 9.65
1-Year 9.50 9.75 9.75 10.25 9.81
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According to the currency dealers, there was no change in demand for dollar and its supply condition, which helped the rupee maintain its previous week closing rates. The dollar's trading commenced at Saturday's closing rates of Rs 60.75 and Rs 60.85 on buying and selling counters, respectively. The dollar witnessed fractional change in its worth during the day's trading, but finally closed at the opening levels, the dealers said.
However, the rupee appreciated its worth against the pound sterling. The British pound was purchased at Rs 111.50, and sold at Rs 112.00 as compared to Rs 111.80 and Rs 112.10 of Saturday, they added.
The dollar opened at Rs 60.60 (buying) and Rs 60.70 (selling) against the last week's rate. It did not witness any change in the evening session and closed at Rs 60.60 (buying) and Rs 60.70 (selling).
Pound sterling opened at Rs 111.40 (buying) and Rs 111.60 (selling) against the last Saturday's rate. It failed to witness any further fluctuation by the end of evening session and closed at Rs 111.40 (buying) and Rs 111.60 (selling).