The rupee-dollar official parity rates on Wednesday failed to retain upward journey in the absence of any positive signal about the political settlement, money experts said.
Despite the fact that leaders of coalition government were struggling to resolve immediate issues after Pervez Musharraf's resignation, raising questions about their ability to meet longer-term challenges, they said. In the interbank market, the rupee was down by 30 paisa against dollar for buying at 74.80 and it also shed 25 for selling at 74.85, they said.
Under the present circumstances the country is in danger of a further downgrading of its "B2" sovereign credit rating as its foreign exchange reserves are being rapidly depleted, Moody's Investors Service said. In the third Asian trading dollar steadied, but was off a seven-month high as a recovery in gold and oil prices as well as concerns about the US financial system weighed on sentiment for the greenback.
The crude oil and gold pushed higher and showed signs of snapping their month-long sell-off. That underscored the dollar's vulnerability, as the tumbles in oil and gold had reinforced its broad gains.
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Open Buying Rs 73.60
Open Selling Rs 74.50
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Buying Rs 74.80
Selling Rs 74.85
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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 12.00 12.90 12.50 12.90 12.58
1-Week 12.25 12.50 12.50 12.60 12.46
2-Week 12.20 12.40 12.50 12.60 12.43
1-Month 11.80 12.10 12.10 12.30 12.08
2-Months 11.75 12.10 12.00 12.20 12.01
3-Months 11.80 12.10 12.00 12.30 12.05
4-Months 11.85 12.10 12.10 12.30 12.09
5-Months 11.90 12.20 12.15 12.30 12.14
6-Months 11.90 12.25 12.15 12.35 12.16
9-Months 12.00 12.25 12.20 12.35 12.20
1-Year 12.10 12.25 12.20 12.40 12.24
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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 13.00 14.50 13.50 15.00 14.00
1-Week 12.75 14.00 13.25 14.50 13.63
2-Week 12.75 14.00 13.00 14.50 13.56
1-Month 12.50 14.00 13.25 14.25 13.50
2-Months 13.00 14.00 13.50 14.50 13.75
3-Months 13.00 14.50 13.50 15.00 14.00
4-Months 13.00 14.50 13.75 15.00 14.06
5-Months 13.00 14.75 14.00 15.25 14.25
6-Months 13.50 15.00 14.00 15.50 14.50
9-Months 13.75 15.00 14.50 15.50 14.69
1-Year 14.00 15.50 14.75 15.75 15.00
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