The rupee failed to retain its firmness against dollar on the interbank market on Friday, falling 14 paisa for buying at 80.80 and lost 11 paisa for selling at 80.85 in process of trading, dealers said. Tight supply position of dollars pushed the rupee down and it is likely that the rupee may not come down sharply but it may not be able to sustain its stability at the end of the out going fiscal year, 2008-09, they added.
Amid final Asian trading dollar inched down against a basket of major currencies, with investors shifting money to higher-yielding currencies on the view that the recession hitting the world's major economies is easing. Sterling was under pressure as political uncertainty deepened in Britain with a third senior minister quitting the government on Thursday and calling on Prime Minister Gordon Brown to step down to improve his party's chances at a general election due within a year.
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Open Buying Rs 80.80
Open Selling Rs 81.00
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Buying Rs 80.80
Selling Rs 80.85
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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 1.50 12.50 2.00 12.75 7.19
1-Week 11.75 12.70 12.85 13.00 12.58
2-Week 12.30 12.80 12.90 13.10 12.78
1-Month 12.50 12.90 13.10 13.25 12.94
2-Months 12.55 13.00 13.20 13.30 13.01
3-Months 12.60 13.00 13.20 13.30 13.03
4-Months 12.60 13.15 13.20 13.30 13.06
5-Months 12.60 13.15 13.10 13.30 13.04
6-Months 12.60 13.20 13.20 13.30 13.08
9-Months 12.90 13.20 13.25 13.30 13.16
1-Year 13.00 13.25 13.25 13.30 13.20
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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 2.50 12.50 3.00 12.75 7.69
1-Week 12.75 13.00 13.10 13.25 13.03
2-Week 12.75 13.10 13.20 13.40 13.11
1-Month 13.00 13.35 13.60 14.00 13.49
2-Months 13.25 13.50 13.60 14.00 13.59
3-Months 13.25 13.60 13.50 13.75 13.53
4-Months 13.25 13.65 13.50 13.75 13.54
5-Months 13.30 13.75 13.50 13.85 13.60
6-Months 13.35 13.75 13.50 13.80 13.60
9-Months 13.40 13.75 13.50 13.80 13.61
1-Year 13.40 13.75 13.50 13.90 13.64
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According to the currency dealers, the dollar's supply remained constant, while its demand witnessed marginal decline that helped rupee appreciation in the open market. As a result, the dollar's buying rate stayed unchanged at overnight closing of Rs 80.85 while its selling rate declined from Thursday closing of Rs 81.20 to Rs 81.10, the dealers said.
However, the rupee showed strength and considerably increased against the British pound. The pound's buying and selling rates slide down from previous closing of Rs 132.50 and Rs 133.50 to Rs 129.50 and Rs 131.50, respectively, the dealers added.