Weak sentiment was witnessed in the interbank market on Thursday as the rupee shed two paisa against dollar for buying at Rs 60.40 and it slid three paisa for selling at Rs 60.42, respectively. The demand for dollar was up as importers were a little bit active to cover their immediate needs, dealers said.
In the international markets, dollar stayed at near a 26-year low against sterling and a two-month trough versus euro, as investors awaited interest rate decisions by key central banks later in the session. The yen was under broad pressure from the Bank of Japan's 0.5 percent policy rate, the lowest among major countries, and the central bank's repeated pledge to raise rates only gradually.
The Bank of England (BoE) is widely expected to lift rates by 25 basis points to 5.75 percent after a two-day meeting that ends on Thursday, taking them further above the Federal Reserve's 5.25 percent rate.
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KERB BUYING Rs 61.05
KERB SELLING Rs 61.15
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Buying Rs 60.40
Selling Rs 60.42
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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 4.50 7.50 4.75 8.00 6.19
1-Week 8.25 8.75 8.50 8.85 8.59
2-Weeks 8.50 8.80 8.70 8.90 8.73
1-Month 8.60 8.75 8.75 8.90 8.75
2-Months 8.70 8.90 8.80 9.00 8.85
3-Months 8.75 8.90 8.85 9.00 8.88
4-Months 8.80 9.00 8.85 9.05 8.93
5-Months 8.85 9.00 8.95 9.10 8.98
6-Months 8.85 9.10 8.95 9.10 9.00
9-Months 8.90 9.10 9.00 9.15 9.04
1-Year 8.90 9.10 9.10 9.25 9.09
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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 5.00 7.75 5.50 8.25 6.63
1-Week 8.75 9.00 9.00 9.25 9.00
2-Weeks 8.75 9.10 8.90 9.25 9.00
1-Month 8.90 9.25 9.00 9.40 9.14
2-Months 9.25 9.50 9.40 9.70 9.46
3-Months 9.25 9.60 9.40 9.75 9.50
4-Months 9.40 9.75 9.65 9.90 9.68
5-Months 9.50 9.75 9.75 10.00 9.75
6-Months 9.75 10.00 10.00 10.25 10.00
9-Months 10.00 10.25 10.25 10.50 10.25
1-Year 10.00 10.50 10.25 10.75 10.38
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According to the currency dealers, the dollar's trading commenced at overnight closing rates of Rs 61.00 and Rs 61.10 as its buying and selling rates, respectively. Because of fresh buying, the dollar moved up and finally closed at Rs 61.05 and Rs 61.15 on buying and selling counters, respectively, the dealers said.
Likewise, the rupee could not get out of pressure and further declined against the pound sterling. The pound's buying rate increased from Wednesday's closing of Rs 121.95 to Rs 122.10 while selling rate moved up from Rs 122.25 to Rs 122.40, they added.
The dollar opened at Rs 60.90 (buying) and Rs 61.00 (selling) against the overnight value. It did not observe any change in the second session and closed at Rs 60.90 (buying) and Rs 61.00 (selling).
Pound Sterling opened at Rs 120.00 (buying) and Rs 120.20 (selling) against the previous rate. It did not observe any change in the second session and closed at Rs 120.00 (buying) and Rs 120.20 (selling).