Bearish sentiment was seen on the currency market on Wednesday as the rupee gave up its firmness versus the dollar on both open and interbank market, money experts said. The rupee lost seven paisa against dollar at 62.86 and 62.88 for buying and selling in process of trading, they said.
Strong demand for dollars by importers made the rupee vulnerable and it seems that the rupee may not be able to retain its level because of costlier payments after the higher oil prices in the international market, they said.
The exporters held the export proceeds on anticipation of further rise in the dollar's value for the near-term, they said and adding which, is causing dearth of the US currency, they added. The oil prices were hitting a record near 110 dollars in the Asian trading, they said.
In the third session of Asia, the dollar slipped after rebounding from record lows against euro the previous day when the Federal Reserve's new steps to boost banking system liquidity raised hopes for a recovery in strained credit markets.
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Open Buying Rs 62.92
Open Selling Rs 63.00
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Buying Rs 62.86
Selling Rs 62.88
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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 8.50 10.40 8.75 10.40 9.51
1-Week 9.25 9.50 9.50 9.70 9.49
2-Weeks 9.35 9.55 9.45 9.65 9.50
1-Month 9.40 9.50 9.50 9.60 9.50
2-Months 9.40 9.60 9.55 9.75 9.58
3-Months 9.45 9.65 9.55 9.75 9.60
4-Months 9.50 9.65 9.65 9.75 9.64
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 9.75 9.90 9.78
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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 9.00 10.45 9.25 10.50 9.80
1-Week 9.50 9.75 9.60 9.90 9.69
2-Weeks 9.50 9.75 9.65 9.90 9.70
1-Month 9.75 10.00 9.90 10.25 9.98
2-Months 9.75 10.25 10.00 10.50 10.13
3-Months 9.75 10.30 10.00 10.50 10.14
4-Months 9.85 10.35 10.00 10.50 10.18
5-Months 9.90 10.40 10.20 10.50 10.25
6-Months 10.00 10.40 10.25 10.50 10.29
9-Months 10.00 10.50 10.25 10.60 10.34
1-Year 10.10 10.50 10.30 10.60 10.38
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The dollar closed at Rs 62.90 and Rs 63.00 on buying and selling sides against Tuesday's Rs 62.85 and Rs 62.95.
The rupee also failed to maintain the overnight rising move and lost earlier gain against pound which improved to Rs 126.20 and Rs 126.60 against the last closing of Rs 125.75 and Rs 126.20 on buying and selling counters.
The dollar opened at Rs 63 (buying) and Rs 63.10 (selling) against last rate of Rs 62.75 (buying) and Rs 62.85 (selling). It did not observe any change in the evening session and closed at Rs 63 (buying) and Rs 63.10 (selling).
Pound sterling opened at Rs 126.40 (buying) and Rs 126.80 (selling) against last rate of Rs 124 (buying) and Rs 124.50 (selling). It did not observe further change in the second session and closed at Rs 126.40 (buying) and Rs 126.80 (selling).