Bullish sentiment was witnessed in the interbank market on Friday as the rupee gained four paisa against the dollar for buying and selling at 60.36 and 60.38, dealers said. Improved supply of dollars helped the rupee to recover its gains against the US currency and it is likely that the rupee might look ahead in the coming days, they said.
In the international markets, the dollar held gains against the euro and yen after a surprisingly strong reading in US service sector activity data soothed concerns the Federal Reserve may have to cut interest rates later this year. The Institute for Supply Management's services index rose in June to its highest level in a year, beating forecasts for a small decline.
Another report on Thursday from private employment services company ADP Employer Services pointed to strong job growth, leading market participants to believe that high-profile US payrolls data on Friday will be better than expected.
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KERB BUYING Rs 61.08
KERB SELLING Rs 61.15
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Buying Rs 60.32
Selling Rs 60.34
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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 9.40 5.00 9.40 7.08
1-Week 7.00 7.50 7.50 8.00 7.50
2-Weeks 8.00 8.15 8.25 8.40 8.20
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 9.40 5.50 9.50 7.35
1-Week 7.50 8.00 8.00 8.50 8.00
2-Weeks 8.50 9.00 8.90 9.25 8.91
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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On the contrary, the rupee recovered earlier losses against pound sterling. The British pound was purchased at Rs 122.00 and was sold at Rs 122.30 as compared to Rs 122.10 and Rs 122.40 of Thursday, dealers said.
The dollar opened at Rs 60.90 (buying) and Rs 61 (selling) against same overnight value. It did not observe any change in the second session and closed at Rs 60.90 (buying) and Rs 61 (selling).
Pound Sterling opened at Rs 120 (buying) and Rs 120.20 (selling) against same previous rate. It did not witness any change in the evening session and closed at Rs 120 (buying) and Rs 120.20 (selling).