THE RUPEE: parity versus dollar stay put

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THE RUPEE: parity versus dollar stay put

22 Aug, 2006

Firm trend was seen in the interbank market on Monday as the rupee-dollar parity rate did not show any big change at 60.35 and 60.37, respectively.
The rupee moved little in the morning session but slight improvement in supply of dollar made the rupee able to meet the market demand and resisted the fall in its value, money experts said. The euro was the dominating currency in the world markets as it improved further on rising expectations of increase in the European Central Bank (ECB) rate, dealers said.


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Buying                  Rs 60.40
Selling                 Rs 60.45
================================


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Buying                Rs 60.35
Selling               Rs 60.37
==============================
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Repo Rates (Yield p a)
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Tenor      Low Bid   High Bid   Low Offer   High Offer    Average
=================================================================
Overnight   7.00       8.50       7.50        8.75           7.94
1-Week      8.25       8.60       8.50        8.90           8.58
2-Weeks     8.25       8.75       8.60        8.90           8.63
1-Month     8.50       8.75       8.65        9.00           8.73
2-Months    8.50       8.80       8.75        8.90           8.74
3-Months    8.50       8.85       8.75        9.00           8.78
4-Months    8.60       8.85       8.75        9.00           8.80
5-Months    8.60       9.00       8.80        9.10           8.88
6-Months    8.70       9.00       8.90        9.25           8.96
9-Months    8.80       9.00       9.00        9.25           9.01
1-Year      8.85       9.25       9.10        9.40           9.15
=================================================================
Call Rates (Yield p a)
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Tenor      Low Bid   High Bid   Low Offer   High Offer    Average
=================================================================
Overnight   7.50       9.50       7.75        9.75           8.63
1-Week      8.50       9.25       9.00        9.50           9.06
2-Weeks     8.75       9.25       9.00        9.50           9.13
1-Month     9.25       9.75       9.50       10.00           9.63
2-Months    9.60       9.80       9.90       10.25           9.89
3-Months    9.65      10.00      10.20       10.50          10.09
4-Months    9.70      10.00      10.25       10.50          10.11
5-Months    9.75      10.25      10.30       10.75          10.26
6-Months    9.75      10.25      10.35       10.75          10.28
9-Months   10.00      10.30      10.50       11.00          10.45
1-Year     10.20      10.50      11.00       11.25          10.74
=================================================================

According to the currency dealers, the dollar's demand and supply situation remained intact that helped the local currency maintain its last week's value. The dollar commenced trading at Saturday's closing rates of Rs 60.35 and Rs 60.45 on buying and selling counters, respectively. The greenback was closed at the opening levels, the dealers added.
On the contrary, the local currency remained under pressure and continued last week's declining trend against the pound sterling. The British pound was purchased at Rs 113.50 and was sold at Rs 113.90 against Saturday's closing rates of Rs 112.90 and Rs 113.25, the dealers added.
The dollar resumed trading at Rs 60.40 (buying) and Rs 60.50 (selling) against same last rate. It did not observe any further change in the evening session and closed at Rs 60.40 (buying) and Rs 60.50 (selling).
Pound sterling opened at opened at Rs 113.40 (buying) and Rs 113.60 (selling) against last rate of Rs 113.80 (buying) and Rs 114 (selling). It did not observe any further change in the evening session and closed at Rs 113.40 (buying) and Rs 113.60 (selling).

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