All round decline was seen in the currency market at the week-opening session as dollar was in demand by the importers to meet the payment requirement, dealers said. In the interbank market, the rupee lost nine paisa against dollar at 62.92 and 62.94 for buying and selling, in process of trading, they said.
In the Asian trading, in the first session of the week, US dollar held mostly steady after a weekend meeting of industrialised nations passed with little comment on currencies, though the euro found some support as the ECB challenged talk of early rate cuts.
The euro edged up to $1.4520, from $1.4507 late in New York on Friday, with trade very thin as Tokyo was off on Monday while China was still celebrating Lunar New Year. The Group of Seven (G7) finance ministers cautioned that the global credit crunch would drag on the world economy but left it to individual countries to take their own remedial action.
The single currency was aided by European Central Bank President Jean-Claude Trichet who warned the market not to bet on a cut in interest rates because of persistent inflation pressures in the euro zone.
The rupee followed the same trend in terms of euro, dropping 20 paisa for buying and selling at Rs 91.50 and Rs 91.60 owing to the dollar's striving to come out of the prevailing weakness, they said.
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Open Buying Rs 63.00
Open Selling Rs 63.10
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Buying Rs 62.92
Selling Rs 62.94
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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 4.00 9.00 4.50 9.25 6.69
1-Week 8.00 8.75 8.50 9.00 8.56
2-Weeks 8.90 9.25 9.05 9.30 9.13
1-Month 9.05 9.30 9.15 9.40 9.23
2-Months 9.30 9.60 9.45 9.65 9.50
3-Months 9.40 9.65 9.50 9.75 9.58
4-Months 9.50 9.70 9.65 9.80 9.66
5-Months 9.50 9.75 9.65 9.80 9.68
6-Months 9.55 9.75 9.70 9.90 9.73
9-Months 9.60 9.80 9.70 9.90 9.75
1-Year 9.65 9.80 9.70 9.90 9.76
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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 4.50 9.10 4.75 9.25 6.90
1-Week 8.50 9.25 9.75 9.50 9.25
2-Weeks 9.20 9.40 9.25 9.50 9.34
1-Month 9.40 9.60 9.50 9.75 9.56
2-Months 9.75 10.00 9.90 10.10 9.94
3-Months 9.75 10.25 9.90 10.40 10.08
4-Months 9.75 10.25 10.00 10.40 10.10
5-Months 9.90 10.30 10.20 10.50 10.23
6-Months 10.00 10.30 10.25 10.50 10.26
9-Months 10.00 10.40 10.25 10.50 10.29
1-Year 10.00 10.50 10.25 10.60 10.34
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The opening rates continued in the entire day's trading and finally closed at the same level. The pound was bought and sold at Rs 122.60 and Rs 123.00 as compared to Saturday's closing of Rs 122.50 and Rs 122.90 on buying and selling counters.
The dollar opened at Rs 62.75 (buying) and Rs 62.85 (selling) against same overnight value. It did not observe any change in the evening session and closed at Rs 62.75 (buying) and Rs 62.85 (selling) by the end of second spell. Pound sterling opened at Rs 123.25 (buying) and Rs 123.50 (selling) against same overnight value. It did not observe any change in the evening session and closed at Rs 123.25 (buying) and Rs 123.50 (selling).