The rupee moved both ways on the currency market on Wednesday in process of trading, dealers said. On the interbank market the rupee firmly held its overnight levels against dollar for buying and selling at 81.05 and 81.10, they said. The local currency may drift lower but likely to trade in the range of 81.10 and 81.20 in the near future, they said.
During the third Asian session a rally in euro lost steam on Wednesday and major currencies struggled for direction as the market tried to decide whether a pause in dollar's medium-term slide was over or had a little further to run. The dollar has fallen steeply against major currencies such as euro and Australian dollar this year, with investors unwinding safe-haven dollar positions as the worst of the economic crisis faded and as questions arose over its suitability as the reserve currency.
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Open Buying Rs 81.20
Open Selling Rs 81.30
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Buying Rs 81.05
Selling Rs 81.10
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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 13.75 13.90 13.90 13.90 13.86
1-Week 12.50 13.10 12.90 13.40 12.98
2-Week 12.60 12.90 12.75 13.10 12.84
1-Month 12.60 12.90 12.80 13.10 12.85
2-Months 12.25 12.75 12.70 12.90 12.65
3-Months 12.25 12.60 12.50 12.75 12.53
4-Months 12.00 12.50 12.25 12.75 12.38
5-Months 11.90 12.40 12.25 12.40 12.24
6-Months 11.80 12.40 12.25 12.40 12.21
9-Months 11.90 12.40 12.25 12.40 12.24
1-Year 11.90 12.40 12.25 12.50 12.26
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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 13.75 14.00 13.90 14.25 13.98
1-Week 12.75 13.25 13.25 13.50 13.19
2-Week 12.80 13.00 13.25 13.50 13.14
1-Month 12.75 13.00 13.25 13.50 13.13
2-Months 12.90 13.10 13.00 13.30 13.08
3-Months 12.90 13.20 13.00 13.30 13.10
4-Months 12.75 13.25 13.00 13.30 13.08
5-Months 12.50 13.00 13.00 13.25 12.94
6-Months 12.50 13.00 13.00 13.25 12.94
9-Months 12.60 13.10 13.10 13.25 13.01
1-Year 12.90 13.10 13.10 13.25 13.09
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The dollar could not maintain its position and slightly declined because of lacking buying support. At the end of trading, the dollar was closed lower at Rs 81.00 and Rs 81.20 as compared to overnight closing of Rs 81.05 and Rs 81.25 on buying and selling sides, respectively, the moneychangers said.
Similarly, the rupee showed strength against the British pound. The pound was purchased and sold at Rs 130.50 and Rs 131.50 against the Wednesday closing of Rs 132.00 and Rs 133.00, respectively, the dealers said.