Rising demand for dollars pushed the rupee to cross the barrier of 87 on the open market on Tuesday, dealers said. This was the forward buying of dollars which caused an erosion of rupee value, currency experts said.
The kiwi surprised with the strength of its gains as Asia-Pacific markets followed the lead of regional stocks. Dealers said the currency had been in demand following an offshore risk asset rally on encouraging US data and European news that seemed to have soothed recession fears for now.
It gained further momentum when the kiwi moved through the key $0.8500 level which triggered some stop-loss buying. "There has been some kiwi buying against the US (dollar), a little bit against the Aussie as well, but kiwi against the euro is the major one," said ASB Bank head of institutional FX sales Tim Kelleher.
The dollar was trading at Rs 45.96 against the Indian rupee. China's yuan closed up at 6.3807 versus dollar after hitting an all-time peak in intraday trade on Tuesday as the People's Bank of China set another record high mid-point, with traders predicting further rises for the rest of the year.

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Open Buying     Rs 86.80
Open Selling    Rs 87.00
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Buying          Rs.87.28
Selling         Rs.87.33
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Repo Rates (Yield p a)
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Tenor       Low Bid   High Bid   Low Offer   High Offer   Average
=================================================================
Overnight    13.40      13.45      13.40        13.45       13.43
1-Week       13.10      13.30      13.35        13.40       13.29
2-Week       12.90      13.10      13.10        13.25       13.09
1-Month      12.90      13.10      13.20        13.30       13.13
2-Months     13.00      13.10      13.20        13.30       13.15
3-Months     13.00      13.15      13.25        13.30       13.18
4-Months     13.00      13.20      13.25        13.30       13.19
5-Months     13.00      13.20      13.25        13.30       13.19
6-Months     13.05      13.20      13.25        13.30       13.20
9-Months     13.15      13.25      13.35        13.40       13.29
1-Year       13.20      13.30      13.35        13.40       13.31
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Call Rates (Yield p a)
-----------------------------------------------------------------
Tenor       Low Bid   High Bid   Low Offer   High Offer   Average
=================================================================
Overnight    13.40      13.45      13.40        13.45       13.43
1-Week       13.15      13.30      13.35        13.40       13.30
2-Week       12.95      13.15      13.20        13.35       13.16
1-Month      12.90      13.10      13.25        13.35       13.15
2-Months     13.05      13.15      13.30        13.35       13.21
3-Months     13.05      13.15      13.30        13.35       13.21
4-Months     13.00      13.20      13.30        13.35       13.21
5-Months     13.00      13.20      13.30        13.40       13.23
6-Months     13.05      13.20      13.30        13.40       13.24
9-Months     13.15      13.25      13.40        13.40       13.30
1-Year       13.20      13.30      13.40        13.45       13.34
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