Falling trend was seen on the local currency market on Wednesday as the rupee showed marginal decline versus dollar and euro, dealers said. On the interbank market the rupee shed four paisa against dollar for buying at 85.59 and it fell by three paisa for selling at 85.63, they said. Some currency experts said that rupee may decline slightly as a result of strong demand by the importers to meet the payments.
In the third Asian trade euro hovered below a key level against dollar, dented by profit-taking after it hit an 11-week high, while the Australian dollar fell as inflation data pared the chances of an interest rate rise next week. The euro was flat at $1.2994, failing to hold above the psychological, and technically crucial, level of $1.30 after it rose to a high of $1.3045 on Tuesday. The $1.30 level coincides with a 61.8 percent Fibonacci retracement of the euro sell-off since mid-April.
Indian rupee was trading at Rs 46.65 versus dollar, the Malaysian ringgit was available at 3.1930 in terms of the greenback and Chinese yuan was trading at 6.779.
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Open Buying Rs 85.75
Open Selling Rs 85.90
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Buying Rs.85.59
Selling Rs.85.63
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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 11.20 12.00 11.50 12.20 11.73
1-Week 11.00 11.85 11.95 12.05 11.71
2-Week 11.10 11.85 11.95 12.05 11.74
1-Month 11.25 11.90 12.00 12.10 11.81
2-Months 11.45 12.05 12.00 12.10 11.90
3-Months 11.70 12.10 12.10 12.15 12.01
4-Months 11.75 12.10 12.10 12.20 12.04
5-Months 11.75 12.15 12.10 12.25 12.06
6-Months 11.95 12.15 12.10 12.25 12.11
9-Months 11.90 12.15 12.10 12.25 12.10
1-Year 12.00 12.20 12.10 12.30 12.15
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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 12.00 11.75 12.20 11.86
1-Week 11.50 11.90 12.10 12.20 11.93
2-Week 11.60 11.95 12.10 12.25 11.98
1-Month 11.75 12.05 12.15 12.25 12.05
2-Months 12.00 12.15 12.15 12.25 12.14
3-Months 12.00 12.25 12.10 12.30 12.16
4-Months 12.00 12.25 12.15 12.30 12.18
5-Months 12.10 12.25 12.20 12.30 12.21
6-Months 12.10 12.30 12.20 12.35 12.24
9-Months 12.15 12.35 12.25 12.45 12.30
1-Year 12.15 12.40 12.25 12.50 12.33
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According to the currency dealers, there was no change in the dollar's demand and supply situation that helped rupee stability in the open market. The dollar was traded at its overnight closing of Rs 85.70 and Rs 85.90, as its buying and selling rates, respectively.
However, the rupee maintained downward slide and further declined against the pound sterling. The pound was purchased and sold at Rs 132.70 and Rs 133.50, as compared to Tuesday closing of Rs 132.00 and Rs 133.00, respectively, the dealers added.
The dollar opened at Rs 85.50 (buying) and 86.00 (selling) against the last rate of Rs 85.50 (buying) and Rs 86.00 (selling). It did not observe further change in the evening session and closed at Rs 85.50(buying) and Rs 86.00 (selling).
Pound Sterling opened at Rs 132.07 (buying) and Rs 134.16 (selling) against the rate of Rs 131.08(buying) and Rs 132.94 (selling). It did not observe further change in the last trading hours and closed at Rs 132.07(buying) and Rs 134.16 (selling).
UAE Dirham opened at Rs 23.26 (buying) and Rs 23.44 (selling) in the morning session against the last rate of Rs 23.26 (buying) and Rs 23.40 (selling). The value of Dirham against the rupee remained unchanged in evening session and closed at Rs 23.26 (buying) and Rs 23.44 (selling).