The dollar gave up overnight gains versus the rupee on the currency market on Wednesday, dealers said. The rupee rose by 31 paisa versus dollar for buying and selling at 85.70 and 85 75, they said. Some money experts said dollar demand is persisting but the rupee, somehow, managed to recover sharply on slight improvement of US currency supply.
Persistent yen buying from investors seeking a temporary refuge in the yen in the face of European bank woes and US slowdown worries helped to push the greenback through a major option trigger below 83.50 yen. Malaysian ringgit was available at 3.1170 versus dollar, chines yuan was trading at 6.7970 in terms of dollar.
The Indian rupee edged higher on Wednesday tracking a rise in other Asian peers, but losses in local shares and the euro kept a lid on the gains. At 10:20 am (0440 GMT), the partially convertible rupee was at 46.77-78 per dollar, firmer than 46.84-85 at close on Tuesday.
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Open Buying Rs 85.45
Open Selling Rs 85.55
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Buying Rs 85.70
Selling Rs 85.75
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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 11.00 12.10 11.25 12.40 11.69
1-Week 11.60 12.15 12.00 12.25 12.00
2-Week 11.65 12.25 12.25 12.35 12.13
1-Month 11.70 12.35 12.35 12.40 12.20
2-Months 11.85 12.45 12.35 12.50 12.29
3-Months 12.00 12.45 12.40 12.50 12.34
4-Months 12.10 12.45 12.40 12.50 12.36
5-Months 12.10 12.45 12.40 12.55 12.38
6-Months 12.25 12.50 12.45 12.60 12.45
9-Months 12.25 12.50 12.45 12.65 12.46
1-Year 12.30 12.60 12.50 12.70 12.53
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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 11.10 12.25 11.25 12.40 11.75
1-Week 11.75 12.25 12.25 12.40 12.16
2-Week 11.75 12.40 12.30 12.50 12.24
1-Month 12.10 12.50 12.40 12.60 12.40
2-Months 12.25 12.70 12.60 12.75 12.58
3-Months 12.30 12.75 12.70 12.90 12.66
4-Months 12.30 12.90 12.70 13.00 12.73
5-Months 12.35 13.00 12.70 13.10 12.79
6-Months 12.40 13.10 12.80 13.25 12.89
9-Months 12.50 13.20 12.80 13.30 12.95
1-Year 12.60 13.25 12.80 13.35 13.00
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According to the currency dealers, there was no visible change in the dollar's supply and demand condition that helped rupee stability in the open market. The dollar was traded at overnight closing of Rs 85.30 and Rs 85.60 as its buying and selling rates, respectively.
On the contrary, the rupee failed to maintain its day earlier position and declined against the British pound. The pound was purchased and sold at Rs 130.50 and Rs 131.50, as compared to Tuesday closing of Rs 130.00 and Rs 131.00, respectively, the dealers said.
The dollar opened at Rs 84.80 (buying) and Rs 85.30 (selling) against the last rate of Rs 84.80 (buying) and Rs 85.30 (selling). It did not observe further change in the evening session and closed at Rs 84.80 (buying) and Rs 85.30 (selling).
Pound Sterling opened at Rs 128.29 (buying) and Rs 132.12 (selling) against the previous rate of Rs 128.16 (buying) and Rs 132.02 (selling). It did not observe further change in the last trading hours and closed at Rs 128.29 (buying) and Rs 132.12 (selling).
UAE Dirham opened at Rs 22.88 (buying) and Rs 23.37 (selling) in the morning session against the last rate of Rs 22.88 (buying) and Rs 23.37 (selling). The value of Dirham against the rupee remained unchanged in the evening session and closed at Rs 22.88 (buying) and Rs 23.37 (selling).