The rupee managed to recover lost ground against dollar on Tuesday despite rising demand for the US currency, dealers said. The rupee appreciated by 12 paisa versus dollar for buying at 85.56 and gained 11 paisa for selling at 85.61, they said.
The data fanned hopes that more important economic numbers due later this week, such as the manufacturing survey later on Tuesday and Friday's payroll data, could solidify hopes for a stronger recovery.
China's yuan ended up against dollar on Tuesday but moved below the central bank's record high daily fixing as trading thinned ahead of the week-long Lunar New Year holiday that begins on Wednesday, traders said.
Despite sluggish trade the People's Bank of China sent a strong signal to the market that the government was determined to let the yuan appreciate in the near term by fixing its daily mid-point at a record high of 6.5860 to a dollar.
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Open Buying Rs 85.56
Open Selling Rs 85.61
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Buying Rs 85.90
Selling Rs 86.10
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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 11.25 12.75 11.50 13.00 12.13
1-Week 11.50 12.70 12.65 12.85 12.43
2-Week 11.60 12.80 12.75 12.90 12.51
1-Month 11.85 12.85 12.90 13.00 12.65
2-Months 12.40 13.20 13.20 13.25 13.01
3-Months 12.90 13.25 13.30 13.40 13.21
4-Months 13.00 13.35 13.35 13.40 13.28
5-Months 13.20 13.45 13.40 13.50 13.39
6-Months 13.35 13.50 13.45 13.55 13.46
9-Months 13.40 13.60 13.50 13.65 13.54
1-Year 13.45 13.60 13.55 13.65 13.56
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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 11.25 12.75 11.60 13.00 12.15
1-Week 12.25 12.90 12.75 12.95 12.71
2-Week 12.30 12.90 12.80 12.95 12.74
1-Month 12.40 13.00 12.90 13.10 12.85
2-Months 12.75 13.35 13.25 13.45 13.20
3-Months 13.00 13.40 13.30 13.50 13.30
4-Months 13.10 13.65 13.45 13.75 13.49
5-Months 13.20 13.70 13.50 13.75 13.54
6-Months 13.30 13.75 13.65 13.90 13.65
9-Months 13.30 13.75 13.70 13.90 13.66
1-Year 13.40 13.80 13.75 13.90 13.71
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According to the currency dealers, the dollar commenced trading at overnight closing of Rs 85.80 and Rs 86.10, as its buying and selling rates, respectively. In the absence of buying support, the dollar could not sustain and declined to Rs 85.70 and Rs 86.00 on buying and selling sides, respectively, the dealers said.
On the contrary, the rupee remained under pressure and lost its value against the pound sterling. The pound was purchased and sold at Rs 137.00 and Rs 138.00, as compared to overnight closing of Rs 135.70 and Rs 136.50, respectively, they added.
The dollar opened at Rs 85.95 (buying) and Rs 86.10 (selling) against same last rates. It did not observe further change in the evening session and closed at Rs 85.95 (buying) and Rs 86.10 (selling).
Pound sterling opened at Rs 136.30 (buying) and Rs 136.70 (selling) against same previous rates. It did not witness any change in the evening session and closed at Rs 136.30 (buying) and Rs 136.70 (selling).