The rupee was sharply higher against dollar on the interbank market at the weekend, rising by 20 paisa for buying at 79.05 and it also rose by 15 paisa for selling at 79.15, money experts said. The dollar supply was good, so the rupee was able to show its muscles and it is expected that the rupee may keep its present levels versus the greenback, they said.
At the weekend, the dollar mostly fell as stocks surged nearly 500 points on reports that President-elect Barack Obama plans to name New York Federal Reserve President Timothy Geithner as Treasury Secretary.
================================
Open Buying Rs 78.15
Open Selling Rs 78.65
================================
==============================
Buying Rs 79.05
Selling Rs 79.15
==============================
=================================================================
Repo Rates (Yield p a)
-----------------------------------------------------------------
Tenor Low Bid High Bid Low Offer High Offer Average
=================================================================
Overnight 1.00 7.00 1.50 8.00 4.38
1-Week 7.00 7.75 7.25 8.00 7.50
2-Week 8.75 9.00 9.00 9.50 9.06
1-Month 9.90 10.25 10.00 10.50 10.16
2-Months 12.25 12.60 12.50 13.00 12.59
3-Months 12.90 13.25 13.25 13.50 13.23
4-Months 13.50 13.75 13.75 14.00 13.75
5-Months 13.50 13.75 13.75 14.00 13.75
6-Months 13.60 14.00 14.00 14.25 13.96
9-Months 13.90 14.20 14.25 14.50 14.21
1-Year 14.00 14.25 14.30 14.55 14.28
=================================================================
Call Rates (Yield p a)
-----------------------------------------------------------------
Tenor Low Bid High Bid Low Offer High Offer Average
=================================================================
Overnight 3.00 11.00 4.00 12.00 7.50
1-Week 12.00 14.00 13.00 15.00 13.50
2-Week 13.00 15.00 14.00 15.50 14.38
1-Month 14.00 15.50 15.50 16.00 15.25
2-Months 15.00 15.75 15.50 16.00 15.56
3-Months 15.00 16.00 16.00 16.50 15.88
4-Months 15.50 16.00 16.00 16.50 16.00
5-Months 15.75 16.25 16.25 16.75 16.25
6-Months 16.00 16.50 16.50 16.75 16.44
9-Months 16.25 16.75 16.75 17.00 16.69
1-Year 16.50 17.00 17.00 17.50 17.00
=================================================================
The dollar's demand eased that helped rupee's appreciation in the open market. The dollar, after moving down, closed at Rs 78.00 and Rs 78.60 on buying and selling sides against the Friday closing of Rs 78.50 and Rs 78.80, respectively.
Similarly, the rupee remained strong and recovered 50 paisa against the British pound. The pound's buying and selling rates declined to Rs 118.00 and Rs 119.50 as compared to overnight closing of Rs 118.50 and Rs 120.00 respectively.