The rupee extended its slide versus dollar in the interbank market on Wednesday, losing four paisa for buying and selling at Rs 60.74 and Rs 60.75, dealers said. The rupee was down on rising demand for dollar as different banks purchased approximately 50 million dollars to meet the payment requirements, money experts said.
They expect that the rupee may come under pressure if demand is persists for dollars. In the international markets dollar posted fresh gains in the Asian markets as yen fell to a five-week low, pressured by signs of overseas investment by Japanese institutions at the start of a new fiscal year, and a pick-up in risk appetite. The dollar rose to 119.02 yen on electronic trading platform EBS, hitting its highest level since late February.
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Buying Rs 60.60
Selling Rs 60.70
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Buying Rs 60.74
Selling Rs 60.75
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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 7.50 8.75 7.75 9.00 8.25
1-Week 8.35 8.60 8.50 8.75 8.55
2-Weeks 8.35 8.60 8.50 8.75 8.55
1-Month 8.75 8.90 8.85 9.00 8.88
2-Months 8.75 8.90 8.85 9.00 8.88
3-Months 8.75 8.95 8.85 9.00 8.89
4-Months 8.80 9.00 8.90 9.10 8.95
5-Months 8.80 9.00 8.85 9.15 8.95
6-Months 8.85 9.00 8.90 9.20 8.99
9-Months 8.85 9.10 9.00 9.25 9.05
1-Year 8.90 9.10 9.10 9.35 9.11
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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 7.75 9.00 8.00 9.25 10.05
1-Week 9.00 9.50 9.25 9.75 9.75
2-Weeks 9.25 9.50 9.50 9.75 10.01
1-Month 9.25 9.75 9.50 10.00 10.38
2-Months 9.50 10.00 9.75 10.25 10.62
3-Months 10.00 10.25 10.25 10.50 10.77
4-Months 10.00 10.75 10.25 11.00 10.98
5-Months 10.00 10.75 10.50 11.00 11.19
6-Months 10.25 10.75 10.75 11.00 11.43
9-Months 10.40 11.00 11.00 11.50 10.98
1-Year 10.50 11.25 11.00 11.50 11.06
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According to currency dealers, there was no change in dollar's demand and supply condition which helped the local currency maintain its overnight position. The dollar resumed trading at Tuesday's closing levels of Rs 60.55 and Rs 60.65 on buying and selling counters, respectively. The opening rates continued to prevail during the entire day's trading and finally closed at the same levels, the dealers added.
On the contrary, the local currency appreciated its value against the pound sterling. The pound's buying rate declined from overnight closing of Rs 119.20 to Rs 119.10 while its selling rate decreased from Rs 119.50 to Rs 119.30, the dealers said.
The dollar resumed trading at Rs 60.75 (buying) and Rs 60.85 (selling) against same last rate. It did not observe any change in the evening session and closed at Rs 60.75 (buying) and Rs 60.85 (selling).
Pound Sterling opened at Rs 118.65 (buying) and Rs 118.75 (selling) against the same overnight value. It did not observe any change in the second session and closed at Rs 118.65 (buying) and Rs 118.75 (selling).