Minor changes were seen on the money market on Wednesday as supply of dollars was matching with the demand, money experts said.
In the third Asian trade euro rose to a three-week peak against dollar, boosted by hopes for an agreement on Greek austerity steps and progress toward an aid package for the debt-hobbled nation, but the currency has approached chart resistance that may cap its near-term gains.
The euro nudged higher in early Asian trade after Greek newspaper Kathimerini said in its online edition that details of the Greek government's mid-term fiscal plan were expected to be finalised by Wednesday night or Thursday morning, traders said.
The common currency rose as high as $1.4438 on trading platform EBS, its highest since early May, adding to gains on Tuesday, but failed to decisively breach immediate resistance at the top of the Ichimoku cloud on the daily chart at $1.4442.
The yuan ended up slightly against dollar on Wednesday after the People's Bank of China set a new peak for the mid-point, for the fifth successive day, but dealers expect it to pull back soon. Indian rupee was available at Rs 45.06 versus dollar and Malaysian ringgit was trading at 3.0070 in terms of the US currency.
Meanwhile the rupee managed to recover in relation to euro, rising 32 paisa for buying and selling at Rs 123.49 and Rs 123.99, they said.
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Open Buying Rs 86.10
Open Selling Rs 86.30
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Buying Rs85.87
Selling Rs 85.91
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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 11.50 13.75 12.00 13.80 12.76
1-Week 12.00 13.30 13.00 13.40 12.93
2-Week 12.25 13.30 13.10 13.35 13.00
1-Month 12.75 13.25 13.15 13.35 13.13
2-Months 12.85 13.30 13.20 13.35 13.18
3-Months 12.90 13.25 13.25 13.35 13.19
4-Months 13.00 13.25 13.30 13.35 13.23
5-Months 13.10 13.35 13.35 13.40 13.30
6-Months 13.25 13.45 13.40 13.50 13.40
9-Months 13.30 13.60 13.60 13.70 13.55
1-Year 13.40 13.65 13.65 13.75 13.61
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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 13.75 12.00 13.80 12.76
1-Week 12.25 13.35 13.10 13.45 13.04
2-Week 12.50 13.35 13.20 13.45 13.13
1-Month 12.90 13.40 13.25 13.45 13.25
2-Months 13.00 13.40 13.30 13.45 13.29
3-Months 13.10 13.45 13.30 13.50 13.34
4-Months 13.10 13.45 13.40 13.50 13.36
5-Months 13.25 13.50 13.40 13.60 13.44
6-Months 13.30 13.60 13.45 13.65 13.50
9-Months 13.50 13.70 13.60 13.75 13.64
1-Year 13.50 13.75 13.60 13.90 13.69
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According to the currency dealers, the dollar's demand and supply situation remained intact that helped rupee stability in the open market. The dollar was traded at its overnight closing of Rs 86.10 and Rs 86.35 as its buying and selling rates, respectively.
However, the rupee showed strength and appreciated its worth against the pound sterling. The pound's buying and selling rates were declined from Tuesday closing of Rs 141.40 and Rs 142.20 to Rs 140.90 and Rs 141.50, respectively, the dealers said.
The dollar resumed trading at Rs 85.60 (buying) and Rs 85.90 (selling) against the last rate. It did not observe further change in the evening session and closed at Rs 85.60 (buying) and Rs 85.90 (selling).
Pound Sterling opened at Rs 136.30 (buying) and Rs 136.70 (selling) against the previous rate. It did not witness any change in the evening session and closed at Rs 136.30 (buying) and Rs 136.70 (selling).