The week started on the bearish note as the rupee fell in terms of dollar in the currency market, dealers said. The rupee shed three paisa versus dollar at Rs 60.93 for buying and selling at Rs 60.94, they said.
The rupee tumbled due to short supply of dollars, they said and added that the rupee may recover its lost ground in the coming days. In the first session of the week, yen rose against other major currencies in Asian trade as investors shunned risk amid heightened concerns about the fallout from US credit market woes, dealers said.
The dollar slipped to 110.52 yen from 110.66 in New York late Friday, when the greenback had fallen sharply against the Japanese unit. The dollar fell below 110 yen Monday in Asia for the first time in a year and a half, as Japanese retail investors pulled out of overseas assets while plummeting Asian stocks promoted speculators to buy yen.
The yen hit 109.85 mark on the EBS platform, the lowest since 108.89 yen marked on May 17, 2006. The euro fell to US $1.4634 from US $1.4673. Renewed concerns over the credit market turmoil, after recent write-downs by major US banks of their assets linked to troubled sub-prime mortgages, were a major force driving yen-buying as well as a broad Asian stock-market rout on Monday, traders said. Signs of tolerance for a strong yen among Tokyo policy makers supported the Japanese currency as well, they said.
Japanese Chief Cabinet Secretary Nobutaka Machimura said at a regular press conference on Monday morning that a strong yen is "basically good" as it means Japan is valued more highly internationally.
The rupee, however, lost three paisa in terms of the dollar for buying at 60.95 and it also dropped by seven paisa for selling at 61.05, dealers said.

================================
Open Buying             Rs 60.95
Open Selling            Rs 61.05
================================

==============================
Buying                Rs 60.93
Selling               Rs 60.94
==============================
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Repo Rates (Yield p a)
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Tenor      Low Bid   High Bid   Low Offer   High Offer    Average
=================================================================
Overnight    9.00       9.90       9.25         9.90         9.51
1-Week       9.30       9.50       9.40         9.60         9.45
2-Weeks      9.25       9.40       9.35         9.50         9.38
1-Month      9.15       9.30       9.20         9.35         9.25
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
=================================================================
Call Rates (Yield p a)
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Tenor      Low Bid   High Bid   Low Offer   High Offer    Average
=================================================================
Overnight    9.25       9.90       9.40        10.00         9.64
1-Week       9.35       9.60       9.40         9.70         9.51
2-Weeks      9.35       9.65       9.40         9.75         9.54
1-Month      9.40       9.70       9.50         9.80         9.60
2-Months     9.45       9.70       9.55         9.75         9.61
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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