The rupee suffered all round loss in the currency market on Saturday in process of trading, moneychangers said. In the interbank market, the rupee continued its downward slide against dollar, losing one paisa for buying and selling at Rs 60.48 and Rs 60.49 respectively, they said.
Rising demand for dollar pushed the rupee down slightly, currency experts said. In the New York markets, at the weekend, the US currency was down broadly after the Federal Reserve slashed its discount rate on loans to banks and said US economic growth could slow in light of tightening credit markets.
The dollar started to pull back from a seven-week high against the basket of major currencies after investors sought safe-haven bids in low-interest currencies and US Treasuries in the midst of global equities weakness.
================================
KERB BUYING Rs 60.77
KERB SELLING Rs 60.82
================================
==============================
Buying Rs 60.48
Selling Rs 60.49
==============================
=================================================================
Repo Rates (Yield p a)
-----------------------------------------------------------------
Tenor Low Bid High Bid Low Offer High Offer Average
=================================================================
Overnight 6.50 9.25 6.75 9.50 8.00
1-Week 8.90 9.15 9.15 9.20 9.10
2-Weeks 8.90 9.10 9.15 9.25 9.10
1-Month 9.00 9.15 9.15 9.25 9.14
2-Months 9.00 9.30 9.15 9.35 9.20
3-Months 9.10 9.30 9.20 9.35 9.24
4-Months 9.10 9.35 9.25 9.40 9.28
5-Months 9.15 9.30 9.30 9.40 9.29
6-Months 9.20 9.40 9.30 9.50 9.35
9-Months 9.25 9.40 9.35 9.50 9.38
1-Year 9.25 9.50 9.35 9.60 9.43
=================================================================
Call Rates (Yield p a)
-----------------------------------------------------------------
Tenor Low Bid High Bid Low Offer High Offer Average
=================================================================
Overnight 7.25 9.30 7.75 9.65 8.49
1-Week 9.10 9.50 9.30 9.60 9.38
2-Weeks 9.20 9.40 9.30 9.50 9.35
1-Month 9.25 9.50 9.40 9.60 9.44
2-Months 9.25 9.75 9.50 9.85 9.59
3-Months 9.50 9.90 9.70 10.00 9.78
4-Months 9.60 9.90 9.75 10.10 9.84
5-Months 9.75 10.00 9.90 10.25 9.98
6-Months 9.75 10.10 10.00 10.25 10.03
9-Months 10.00 10.50 10.25 10.60 10.34
1-Year 10.10 10.60 10.30 10.75 10.44
=================================================================
Currency dealers described the rise in demand for the dollar in the local market as reason for the rupee weakness. The dollar was traded at 60.70 and 60.80 on buying and selling counters against Friday's Rs 60.68 and Rs 60.78.
The rupee was also weaker against pound sterling at Rs 120.15 (buying) and Rs 120.40 (selling).
The dollar opened at Rs 60.90 (buying) and Rs 61 (selling) against the overnight value. It did not observe any change in the second session and closed on same rates.
Pound sterling opened at Rs 123.30 (buying) and Rs 123.70 (selling). It also closed on the same levels.