Weak sentiment was seen in the currency market on Saturday as demand for dollars was on the upside to meet the importers buying for the payment requirements, money experts said.
Bearish trend persisted in the interbank market on Saturday as the rupee shed three paisa more for buying and selling at 60.48 and 60.51, respectively. The rupee has breached the barrier of 60.50 as the dollars' demand was up by the corporate sector to meet the payment requirements, dealers said.
The dollar supply was tight due to international market closure, they said. It is also expected that the dollar supply will not improve from the current levels as the New York markets will remain closed on account of Labour Day holiday, they said. In the world markets, the dollar was lower versus the major currencies following the weak US job report, they observed.
The rupee, however, gained 14 paisa versus the euro for buying and selling at Rs 77.20 and Rs 77.30, they added.
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Buying Rs 60.40
Selling Rs 60.45
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Buying Rs 60.48
Selling Rs 60.51
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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 8.00 8.75 9.00 9.25 8.75
1-Week 8.40 9.00 8.60 9.25 8.81
2-Weeks 8.50 9.00 8.75 9.25 8.88
1-Month 8.60 9.00 8.90 9.25 8.94
2-Months 8.50 8.80 8.75 8.90 8.74
3-Months 8.60 9.00 8.80 9.20 8.90
4-Months 8.65 9.00 8.85 9.25 8.94
5-Months 8.60 9.00 8.90 9.25 8.94
6-Months 8.70 9.00 8.90 9.25 8.96
9-Months 8.80 9.20 9.10 9.40 9.13
1-Year 8.85 9.25 9.10 9.40 9.15
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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 9.25 10.00 9.75 10.50 9.88
1-Week 9.25 10.00 9.75 10.50 9.88
2-Weeks 9.50 10.25 10.00 10.50 10.06
1-Month 9.50 10.50 10.00 11.00 10.25
2-Months 9.75 10.25 10.00 10.50 10.13
3-Months 9.75 10.25 10.25 10.75 10.25
4-Months 9.80 10.25 10.25 10.50 10.20
5-Months 10.00 10.50 10.30 10.75 10.39
6-Months 10.00 10.50 10.30 10.75 10.39
9-Months 10.25 10.50 10.50 11.00 10.56
1-Year 10.50 10.75 11.00 11.25 10.88
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According to the currency dealers, the dollar recorded marginal improvement on account of slight increase in its demand. The dollar resumed trading at overnight closing rates of Rs 60.40 and Rs 60.50 as its buying and selling rates, respectively. At the end of trading, the dollar moved up and closed at Rs 60.45 and Rs 60.55 on buying and selling counters, respectively, the dealers added.
Similarly, the local currency remained under pressure and depreciated its worth against the pound sterling. The pound's buying rate improved from Friday's closing rate of Rs 114.60 to Rs 114.70, while selling rate moved up from Rs 114.90 to Rs 115.00, the dealers added.
The dollar resumed trading at Rs 60.50 (buying) and Rs 60.60 (selling) against same previous rate. It did not witness any further change in the evening session and closed at Rs 60.50 (buying) and Rs 60.60 (selling).
Pound sterling opened at Rs 114.80 (buying) and Rs 115 (selling) against same overnight value. The British currency failed to observe any further change in the evening spell and closed at Rs 114.80 (buying) and Rs 115 (selling).