THE RUPEE: dollar declines on interbank market

20 Feb, 2009

Modest improvement was seen on the interbank market on Thursday as the rupee gained 20 paisa for buying at 79.85 and it also rose by 28 paisa for selling at 79.87 versus dollar in process of trading, dealers said. Easy supply of dollars provided an opportunity to the rupee to recover its lost ground versus the US currency, they added.
During the fourth session dollar trimmed gains after hitting a six-week high against yen and a three-month peak versus euro. But US efforts to tackle the housing crisis boosted the greenback's safe-haven appeal. The yen is coming under pressure due to worries about the Japanese economy - which suffered its deepest contraction in more than three decades in the latest quarter - and political uncertainty as voter support for Prime Minister Taro Aso sinks.


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Open Buying Rs.79.70
Open Selling Rs.80.00
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Buying Rs.79.85
Selling Rs.79.87
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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 10.75 13.00 11.00 13.50 12.06
1-Week 10.75 11.50 11.00 11.75 11.25
2-Week 11.50 12.00 11.75 12.25 11.88
1-Month 11.80 12.30 12.10 12.40 12.15
2-Months 12.40 12.80 12.75 13.00 12.74
3-Months 12.75 13.00 13.00 13.25 13.00
4-Months 12.90 13.20 13.25 13.40 13.19
5-Months 13.10 13.35 13.25 13.45 13.29
6-Months 13.20 13.40 13.40 13.60 13.40
9-Months 13.25 13.45 13.50 13.55 13.44
1-Year 13.40 13.50 13.55 13.65 13.53
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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 11.50 13.50 12.00 14.00 12.75
1-Week 12.50 14.00 13.00 14.50 13.50
2-Week 12.50 13.50 13.00 14.00 13.25
1-Month 13.00 14.00 13.50 14.25 13.69
2-Months 13.25 14.00 13.50 14.25 13.75
3-Months 13.75 14.50 14.25 14.75 14.31
4-Months 14.00 14.50 14.25 14.75 14.38
5-Months 14.00 14.60 14.50 14.75 14.46
6-Months 14.25 14.75 14.75 15.00 14.69
9-Months 14.75 15.25 15.00 15.50 15.13
1-Year 15.00 15.50 15.25 15.75 15.38
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The dollar resumed trading at overnight closing of Rs 79.70 and Rs 80.20 as its buying and selling rates but could not sustain because of lacking demand and closed lower at Rs 79.60 and Rs 80.10, respectively. However, some moneychangers quoted selling rate of Rs 80.00 for a dollar.
On the contrary, the rupee could not get out of pressure and further declined against the pound sterling. The pound was purchased and sold at Rs 114.00 and Rs 114.60 as compared to Wednesday closing of Rs 113.00 and Rs 114.30, respectively.
Pound Sterling opened at Rs 112.60 (buying) and Rs 113.60 (selling) against same overnight value. It did not observe further change in the evening session and closed at Rs 112.60 (buying) and Rs 113.60 (selling).

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