Bearish trend was seen in the interbank market on Wednesday as the rupee shed three paisa against dollar for buying and selling at Rs 60.42 and Rs 60.43 respectively, dealers said. Higher import bills increased the dollar demand as the importers were conspicuous to cover their requirements, experts said.
In the world markets, dollar did not show any improvement against the yen on fears about worsening US credit market problems and housing sector weakness prompted investors to shun the US currency, dealers said.
================================
KERB BUYING Rs 60.92
KERB SELLING Rs 60.97
================================
==============================
Buying Rs 60.42
Selling Rs 60.43
==============================
=================================================================
Repo Rates (Yield p a)
-----------------------------------------------------------------
Tenor Low Bid High Bid Low Offer High Offer Average
=================================================================
Overnight 8.00 8.75 8.25 9.00 8.50
1-Week 8.60 8.75 8.75 8.90 8.75
2-Weeks 8.65 8.75 8.75 8.90 8.76
1-Month 8.70 8.85 8.75 8.90 8.80
2-Months 8.80 8.90 8.85 9.00 8.89
3-Months 8.80 8.95 8.90 9.05 8.93
4-Months 8.80 9.00 8.90 9.05 8.94
5-Months 8.85 9.00 8.95 9.10 8.98
6-Months 8.85 9.10 8.95 9.10 9.00
9-Months 8.90 9.10 9.00 9.15 9.04
1-Year 8.90 9.10 9.10 9.25 9.09
=================================================================
Call Rates (Yield p a)
-----------------------------------------------------------------
Tenor Low Bid High Bid Low Offer High Offer Average
=================================================================
Overnight 8.50 9.00 8.75 9.25 8.88
1-Week 8.90 9.25 9.00 9.40 9.14
2-Weeks 9.00 9.25 9.25 9.50 9.25
1-Month 9.25 9.50 9.40 9.70 9.46
2-Months 9.25 9.50 9.50 9.75 9.50
3-Months 9.30 9.70 9.50 9.75 9.56
4-Months 9.40 9.75 9.65 9.90 9.68
5-Months 9.50 9.75 9.75 10.00 9.75
6-Months 9.75 10.00 10.00 10.25 10.00
9-Months 10.00 10.25 10.25 10.50 10.25
1-Year 10.00 10.50 10.25 10.75 10.38
=================================================================
Currency dealers said the dollar could not maintain its position and remained under selling pressure. The dollar commenced trading at overnight closing levels of Rs 60.95 and Rs 61.05 as its buying and selling rates, respectively. After moving downward, the dollar closed at Rs 60.90 and Rs 61.00 on buying and selling counters, respectively.
Similarly, the local currency showed stability and gained strength against the pound sterling. The pound's buying rate declined from Tuesday's closing of Rs 124.90 to Rs 124.50 while selling rate moved down from Rs 125.20 to Rs 124.80, the dealers added.
The dollar opened at Rs 60.90 (buying) and Rs 61 (selling) against same overnight value. It did not observe any change and closed at Rs 60.90 (buying) and Rs 61 (selling).
Pound sterling opened at Rs 123.30 (buying) and Rs 123.70 (selling) against same previous rate. It did not observe any change in the evening session and closed at Rs 123.30 (buying) and Rs 123.70 (selling).