Weak sentiment was seen in the interbank market on Tuesday as the rupee lost six paisa against dollar for buying and selling at Rs 60.84 and Rs 60.86. In the open market dollar was sharply up touching Rs 61 mark, dealers said.
According to the market sources, many players were in search of dollar to save their investment, which caused the US currency shortage.It is expected that the rupee may slide further in the near future, they added. In the second session of the week, dollar struck fresh all-time lows against euro and a basket of major currencies in early European trade on Tuesday as the market retained its negative assessment of the US economy.
"Sentiment versus dollar is very, very bearish. As far as the euro/dollar goes there is no new news, we are seeing momentum selling and it is likely to continue," said Adarsh Sinha, currency strategist at Barclays Capital.
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Open Buying Rs 60.80
Open Selling Rs 61.00
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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 9.10 9.90 9.25 9.95 9.55
1-Week 9.00 9.20 9.20 9.30 9.18
2-Weeks 9.10 9.25 9.25 9.30 9.23
1-Month 9.15 9.30 9.25 9.35 9.26
2-Months 9.20 9.35 9.30 9.40 9.31
3-Months 9.25 9.35 9.30 9.40 9.33
4-Months 9.30 9.40 9.35 9.45 9.38
5-Months 9.30 9.40 9.35 9.45 9.38
6-Months 9.30 9.45 9.35 9.50 9.40
9-Months 9.35 9.45 9.40 9.50 9.43
1-Year 9.35 9.50 9.40 9.55 9.45
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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 9.30 9.90 9.35 9.95 9.63
1-Week 9.25 9.40 9.35 9.50 9.38
2-Weeks 9.25 9.45 9.35 9.50 9.39
1-Month 9.35 9.60 9.45 9.70 9.53
2-Months 9.40 9.65 9.55 9.75 9.59
3-Months 9.45 9.75 9.50 9.80 9.63
4-Months 9.50 9.75 9.60 9.80 9.66
5-Months 9.50 9.90 9.65 9.90 9.74
6-Months 9.60 10.00 9.75 10.10 9.86
9-Months 9.75 10.10 10.00 10.25 10.03
1-Year 9.90 10.25 10.10 10.40 10.16
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The dollar's trading began at Rs 60.80 and Rs 60.95 on buying and selling counters as against Rs 60.75 and Rs 60.85 on Monday. The dollar rate increased to Rs 60.90 on buying side and Rs 61.05 on selling side with surge in its demand.
Some dealers said the increase in the dollars' worth was because of fluctuation in the international market.
The rupee lost its worth against the pound sterling purchased and sold at Rs 126.60 and Rs 126.80 as compared to Rs 126.20 and Rs 126.50 of Monday.
The dollar opened at Rs 60.60 (buying) and Rs 60.70 (selling) against the previous rate. It did not observe any change in the second session and closed at Rs 60.60 (buying) and Rs 60.70 (selling).
Pound Sterling opened at Rs 123.00 (buying) and Rs 123.20 (selling) against the previous rate. It did not observe any change in the evening session and closed at Rs 123.00 (buying) and Rs 123.20 (selling).