The dollar managed to recover some ground as the rupee shed modestly against dollar on the interbank market on Saturday, experts said. The rupee lost 15 paisa versus dollar for buying at 84.97 and fell by 17 paisa for selling at 85.02, they said.
A shutdown will be far reaching, since among other actions it will stop the payment of government suppliers and possibly close private enterprises reliant on government operations.
The lost wages and spending will ripple through to other areas of the economy at a time of uncertain economic growth, though some analysts noted that any impact would be short-lived and government spending for the year would be the same. The ECB raised its key interest rate by 25 basis points to 1.25 percent on Thursday, and European Central Bank President Jean-Claude Trichet said policymakers were ready to tighten further if needed.
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Open Buying Rs 84.85
Open Selling Rs.84.95
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Buying Rs.84.97
Selling Rs.85.02
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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 13.00 13.65 13.25 13.75 13.41
1-Week 11.50 13.30 13.20 13.35 12.84
2-Week 11.60 13.30 13.25 13.35 12.88
1-Month 11.90 13.25 13.25 13.30 12.93
2-Months 12.40 13.25 13.25 13.35 13.06
3-Months 12.90 13.30 13.30 13.35 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 13.25 13.65 13.25 13.75 13.48
1-Week 12.30 13.35 13.30 13.45 13.10
2-Week 12.40 13.40 13.35 13.45 13.15
1-Month 12.70 13.40 13.35 13.45 13.23
2-Months 13.00 13.45 13.35 13.50 13.33
3-Months 13.10 13.50 13.40 13.60 13.40
4-Months 13.25 13.65 13.45 13.75 13.53
5-Months 13.40 13.70 13.50 13.75 13.59
6-Months 13.50 13.75 13.70 13.90 13.71
9-Months 13.60 13.80 13.75 13.95 13.78
1-Year 13.50 13.90 13.80 14.00 13.80
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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 commenced trading at its overnight closing of Rs 84.90 and Rs 85.10, as its buying and selling rates, respectively. The opening rates continued to prevail throughout the day and ended at the same level, the dealers said.
However, the rupee maintained its day earlier position and remained unchanged on buying side, while it lost 10-paisa on selling side. The pound was traded at Rs 138.00 and Rs 138.50 on buying and selling side against the Friday closing of Rs 138.00 and Rs 138.40, respectively, they added.
The dollar resumed trading at Rs 85.20 (buying) and Rs 85.40 (selling) against the last rate. It did not observe further change in the evening session and closed at Rs 85.20 (buying) and Rs 85.40 (selling).
Pound Sterling opened at Rs 136.35 (buying) and Rs 137.50 (selling) against the previous rate. It did not witness any change in the evening session and closed at Rs 136.35 (buying) and Rs 137.50 (selling).