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THE RUPEE: five paisa loss in open market

16 Mar, 2004

The rupee extended its weekend slide versus the dollar in the open market on the week's opening day as a result of rising dollars demand in the interbank market, dealers said, adding it lost five paisa in relation to the dollar for buying and selling at Rs 57.70 and Rs 57.75, respectively.
Market sources said the high demand for dollars kept the rupee-dollar parity rates down in both the open and the interbank markets, adding the rupee also adopted the same way versus the euro, dropping 45 paisa for buying and selling at Rs 70.85 and Rs 71.15, respectively.
The euro fell versus the dollar in the international markets on Bank of Japan's interventions, dealers said.
The rupee continued its weakness versus the dollar, losing two paisa for buying and selling at Rs 57.49 and Rs 57.51, respectively.

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Kerb Buying             Rs 57.70
Kerb Selling            Rs 57.75
================================

Interbank closing rates for dollar on Monday.

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Buying                Rs 57.49
Selling               Rs 57.51
==============================
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Repo Rates (Yield p a)
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Tenor      Low Bid   High Bid   Low Offer   High Offer    Average
=================================================================
Overnight   0.15       0.50       0.25        0.75           0.41
1-Week      0.30       0.50       0.60        0.90           0.58
2-Week      0.70       0.90       1.10        1.30           1.00
1-Month     1.40       1.50       1.60        1.70           1.55
2-Month     1.40       1.50       1.60        1.70           1.55
3-Month     1.50       1.60       1.70        1.80           1.65
4-Month     1.60       1.70       1.80        1.90           1.75
5-Month     1.60       1.70       1.80        1.90           1.75
6-Month     1.60       1.70       1.90        2.00           1.80
9-Month     1.90       2.10       2.30        2.50           2.20
1-Year      2.10       2.30       2.50        2.70           2.40
=================================================================
Call Rates (Yield p a)
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Tenor      Low Bid   High Bid   Low Offer   High Offer    Average
=================================================================
Overnight   0.20       0.60       0.30        0.90           0.50
1-Week      0.40       0.60       0.70        1.00           0.68
2-Week      0.90       1.10       1.30        1.50           1.20
1-Month     1.50       1.60       1.70        1.80           1.65
2-Month     1.50       1.60       1.70        1.80           1.65
3-Month     1.60       1.70       1.90        2.00           1.80
4-Month     1.70       1.80       2.00        2.10           1.90
5-Month     1.70       1.80       2.00        2.10           1.90
6-Month     1.70       1.90       2.10        2.20           1.98
9-Month     2.20       2.40       2.60        2.80           2.50
1-Year      2.40       2.60       2.80        3.00           2.70
=================================================================

The dollar commenced trading at Saturday's closing levels of Rs 57.55 and Rs 57.65 as its buying and selling rates, respectively. With marginal increase in the dollar's demand, its rate improved, and it was closed at Rs 57.60 and Rs 57.70 on buying and selling counters, respectively, the dealers said.
Similarly, the rupee failed to maintain upward trend against the pound sterling. The British currency was purchased at Rs 104.10 and sold at Rs 104.50 as compared with the previous closing rates of Rs 103.90 and Rs 104.40, respectively, the dealers added.
The dollar was plus by 20 paisa against the rupee at the currency markets of Islamabad and Rawalpindi on Monday.
The dollar opened at Rs 57.60 (buying) and Rs 57.70 (selling) against last rate of Rs 57.40 (buying) and Rs 57.50 (selling). It did not observe any further change in the evening session and closed at Rs 57.60 (buying) and Rs 57.80 (selling).
Pound sterling opened at Rs 104.50 (buying) and Rs 104.50 (selling) against last rate of Rs 103.50 (buying) and Rs 103.70 (selling). It did not observe any further change in the second session and closed at Rs 104.50 (buying) and Rs 104.50 (selling) respectively.
Canadian dollar opened at Rs 43.40 (buying) and Rs 43.50 (selling) against same last rate. It did not observe any further change in the evening session and closed at Rs 43.40 (buying) and Rs 43.50 (selling).

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