The rupee managed to recover against dollar slightly on the local currency market on Monday, experts said. On the interbank market the rupee gained two paisa against dollar for buying at 84.03 while it rose by four paisa at 84.06 for selling, they said. In the first Asian trade the low-yielding yen rose to its strongest levels this month, gaining on higher-yielders such as the Aussie dollar as investor appetite for risk took a hit on fears about broader fallout from charges against Goldman Sachs.
The ringgit shed almost 0.9 percent to 3.218 per dollar as fears about the fallout from the Goldman Sachs woes prompted profit taking on the ringgit's recent gains. Dollar/yuan NDFs rose after President Hu Jintao on Friday said that China was on course to gradually put in place a managed floating exchange rate system. Buying focused at the short end of the curve, with the one-month dollar/yuan NDFs rising to 6.7979 from Friday's close of 6.7930, and now pricing in 0.42 percent appreciation within a month versus 0.49 percent.
The Thai baht lost almost 0.8 percent to 32.45 per dollar, undermined by the Goldman jitters and persistent domestic political turmoil. The Indian rupee was at 44.55/56 per dollar, half a percent weaker than its Friday's close.
The rupee, however, gained 55 paisa against euro for buying and selling at Rs 112.25 and Rs 112.75, they added.
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Open Buying Rs 84.10
Open Selling Rs.84.25
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Buying Rs.84.03
Selling Rs.84.06
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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 11.75 12.00 11.80 12.10 11.91
1-Week 11.40 12.05 12.00 12.10 11.89
2-Week 11.45 12.50 12.00 12.10 12.01
1-Month 11.50 12.00 12.05 12.10 11.91
2-Months 11.70 12.00 12.05 12.10 11.96
3-Months 11.80 12.05 12.05 12.10 12.00
4-Months 11.85 12.05 12.10 12.15 12.04
5-Months 11.85 12.10 12.10 12.15 12.05
6-Months 11.85 12.10 12.05 12.15 12.04
9-Months 11.95 12.15 12.15 12.20 12.11
1-Year 12.00 12.20 12.20 12.25 12.16
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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 11.75 12.00 11.80 12.10 11.91
1-Week 11.60 12.05 12.00 12.10 11.94
2-Week 11.75 12.05 12.05 12.10 11.99
1-Month 11.80 12.10 12.05 12.15 12.03
2-Months 11.90 12.10 12.10 12.15 12.06
3-Months 12.00 12.15 12.15 12.20 12.13
4-Months 12.00 12.20 12.15 12.25 12.15
5-Months 12.00 12.25 12.15 12.30 12.18
6-Months 12.00 12.25 12.15 12.30 12.18
9-Months 12.10 12.25 12.20 12.30 12.21
1-Year 12.15 12.30 12.25 12.40 12.28
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According to the currency dealers, there was no change in dollar's buying rate that was ended at Saturday closing of Rs 84.10. However, because of marginal decline in dollar's demand, it could not sustain and slide down to Rs 84.25 against the previous closing of Rs 84.30, the dealers said.
Similarly, the rupee remained strong and posted gain against the British pound. The pound was traded at Rs 127.50 and Rs 128.30 on buying and selling counters as compared to last week closing of Rs 128.30 and Rs 128.80, respectively, the dealers said.
The dollar opened at Rs 83.70 (buying) and Rs 84 (selling) against same last rate. It did not observe further change in the evening session and closed at Rs 83.70 (buying) and Rs 84 (selling).
Pound Sterling opened at Rs 127.70 (buying) and Rs 128.70 (selling) against same previous rate. It did not observe further change in the evening session and closed at Rs 127.70 (buying) and Rs 128.70 (selling).