Pressure of buying dollars pushed the rupee down on the currency market on Saturday, dealers said. On the interbank market, the rupee lost 8 paisa against dollar for buying and selling at 83.23 and 83.28, respectively, they said.
Money market analysts said that the rupee may not be able to stand up against the US currency due to high demand for dollars. In New York, the dollar fell against most major currencies after a weaker-than-expected jobs report and reinforced expectations that US interest rates will stay near zero for some time.
The US employers cut 263,000 jobs in September, far more than expected, while the unemployment rate rose to 9.8 percent. The data raised fears that the weak labour market could impede the economy's recovery from its worst recession in 70 years.
================================
Buying Rs 83.23
Selling Rs 83.28
================================
==============================
Open Buying Rs 83.00
Open Selling Rs 83.10
==============================
=================================================================
Repo Rates (Yield p a)
-----------------------------------------------------------------
Tenor Low Bid High Bid Low Offer High Offer Average
=================================================================
Overnight 12.00 12.90 12.25 12.90 12.51
1-Week 12.10 12.30 12.25 12.35 12.25
2-Week 12.10 12.25 12.25 12.35 12.24
1-Month 12.15 12.30 12.30 12.40 12.29
2-Months 12.00 12.25 12.25 12.30 12.20
3-Months 12.00 12.25 12.25 12.35 12.21
4-Months 12.00 12.25 12.20 12.40 12.21
5-Months 12.00 12.30 12.20 12.40 12.23
6-Months 12.00 12.30 12.20 12.50 12.25
9-Months 12.10 12.35 12.30 12.50 12.31
1-Year 12.20 12.35 12.30 12.55 12.35
=================================================================
Call Rates (Yield p a)
-----------------------------------------------------------------
Tenor Low Bid High Bid Low Offer High Offer Average
=================================================================
Overnight 12.00 12.90 12.25 12.90 12.51
1-Week 12.15 12.35 12.25 12.40 12.29
2-Week 12.15 12.35 12.25 12.40 12.29
1-Month 12.15 12.30 12.30 12.45 12.30
2-Months 12.20 12.35 12.30 12.45 12.33
3-Months 12.25 12.35 12.30 12.45 12.34
4-Months 12.25 12.45 12.30 12.50 12.38
5-Months 12.30 12.45 12.35 12.50 12.40
6-Months 12.45 12.60 12.50 12.65 12.55
9-Months 12.45 12.60 12.50 12.65 12.55
1-Year 12.45 12.65 12.50 12.70 12.58
=================================================================
Likewise, the local currency appreciated its value in relation to the British pound. The pound was purchased and sold at Rs 132.75 and Rs 133.80 as compared to Thursday's closing rates of Rs 132.80 and Rs 133.80, respectively, moneychangers said.