THE RUPEE: dollar moves both ways

18 Mar, 2008

The rates moved both ways on the currency market on Monday in process of modest trading, dealers said. The rupee rose by five paisa in relation to dollar for buying at 62.82 and it also gained six paisa for selling at 62.84, dealers said.
In the first session of the Asia, dollar trimmed some losses after hitting a record low versus euro and a 12-year low against yen after J.P. Morgan Chase said that it would buy cash-trapped Bear Stearns and the Federal Reserve cut its discount rate.
The moves by J.P. Morgan Chase and the Fed sought to prevent the widening credit crisis from taking down the fifth largest US investment bank and potentially spark a broader sell-off in financial markets. The Fed also set up a new discount lending facility for US primary dealers.


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Open Buying Rs 62.98
Open Selling Rs 63.08
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Buying Rs 62.82
Selling Rs 62.84
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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 10.40 10.45 10.40 10.45 10.43
1-Week 10.10 10.30 10.25 10.40 10.26
2-Weeks 9.85 10.10 10.00 10.20 10.04
1-Month 9.65 9.80 9.75 9.90 9.78
2-Months 9.55 9.70 9.65 9.80 9.68
3-Months 9.55 9.75 9.65 9.80 9.69
4-Months 9.55 9.75 9.70 9.85 9.71
5-Months 9.60 9.80 9.70 9.85 9.76
6-Months 9.60 9.80 9.75 9.90 9.78
9-Months 9.75 9.90 9.85 10.00 9.88
1-Year 9.90 10.00 10.00 10.25 10.04
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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 10.45 11.00 10.50 11.25 10.80
1-Week 10.45 10.75 10.50 11.00 10.68
2-Weeks 10.40 10.75 10.50 11.00 10.66
1-Month 10.25 10.65 10.40 10.75 10.51
2-Months 10.00 10.40 10.25 10.60 10.31
3-Months 10.00 10.40 10.25 10.50 10.29
4-Months 9.90 10.50 10.25 10.75 10.35
5-Months 9.90 10.50 10.25 10.75 10.35
6-Months 10.00 10.40 10.25 10.75 10.40
9-Months 10.00 10.75 10.40 11.00 10.54
1-Year 10.10 10.75 10.40 11.00 10.56
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There was increase in the demand for dollars and its buying rate improved from Saturday's closing of Rs 62.90 to Rs 63.00 and that of selling moving up from Rs 63.00 to Rs 63.10.
The rupee strengthened against pound which was bought and sold at Rs 126.00 and Rs 126.40 against the previous closing of Rs 126.30 and Rs 1236.70.
The dollar opened at Rs 62.70 (buying) and Rs 62.80 (selling) against last rate of Rs 63 (buying) and Rs 63.10 (selling) It did not observe any change in the evening session and closed at Rs 62.70 (buying) and Rs 62.80 (selling).
Pound sterling opened at Rs 125.90 (buying) and Rs 126 (selling) against last rate of Rs 126.75 (buying) and Rs 126.95 (selling). It did not observe further change in the second session and closed at Rs 125.90 (buying) and Rs 126 (selling).

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