The dollar was under pressure against the rupee on both the interbank and open market on Wednesday, dealers said. The dollar failed to come out of the woods as the rupee extended its overnight gains, rising by 10 paisa for buying at 85.15 and rising by eight paisa for selling at 85.21, they added.
Investors quickly regained composure after China late on Tuesday delivered a 25 basis-point rate hike, the second rate increase in little more than six weeks and on the final day of the Lunar New Year holidays.
The rupee eased on Wednesday after touching near-one-month-highs in the previous session as volatile domestic shares provided little support and dollar demand from oil importers further weighed on the local unit.
At 10:23 am (O453 GMT), the partially convertible rupee was at 45.32/33 per dollar, against its previous close of 45.29/30. It fell to 45.37 per dollar in early deals.
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Open Buying Rs 85.40
Open Selling Rs.85.55
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Buying Rs.85.15
Selling Rs.85.21
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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 11.10 11.60 11.25 11.75 11.43
1-Week 11.50 12.55 12.50 12.65 12.30
2-Week 11.60 12.75 12.65 12.80 12.45
1-Month 11.85 12.80 12.80 12.90 12.59
2-Months 12.40 13.15 13.15 13.25 12.99
3-Months 12.90 13.25 13.20 13.30 13.16
4-Months 13.00 13.30 13.25 13.35 13.23
5-Months 13.20 13.45 13.40 13.50 13.39
6-Months 13.35 13.50 13.45 13.55 13.46
9-Months 13.40 13.60 13.50 13.65 13.54
1-Year 13.45 13.60 13.55 13.65 13.56
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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 11.10 11.75 11.25 12.00 11.53
1-Week 12.00 12.65 12.65 12.80 12.53
2-Week 12.25 12.85 12.80 12.95 12.71
1-Month 12.40 12.95 12.90 13.10 12.84
2-Months 12.75 13.30 13.25 13.35 13.16
3-Months 13.00 13.40 13.30 13.50 13.30
4-Months 13.10 13.65 13.45 13.75 13.49
5-Months 13.20 13.70 13.50 13.75 13.54
6-Months 13.30 13.75 13.65 13.90 13.65
9-Months 13.30 13.75 13.70 13.90 13.66
1-Year 13.40 13.80 13.75 13.90 13.71
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According to currency dealers, the sufficient dollar supply helped local currency appreciation in the open market. The dollar was purchased and sold at Rs 85.50 and Rs 85.80, as compared to overnight closing of Rs 85.60 and Rs 85.80, respectively, the dealers added.
Similarly, the pound sterling remained under pressure and lost 20 paisa on buying counter (Rs 136.70) and 50-paisa on selling counter (Rs 137.50). The pound sterling was declined to Rs 136.70 and Rs 137.50 against the last day closing of Rs 137.50 and Rs 138.00, respectively, they added.
The dollar opened at Rs 85.95 (buying) and Rs 86.15 (selling) against the same last rate. It did not observe further change in the evening session and closed at Rs 85.95 (buying) and Rs 86.15 (selling).
Pound Sterling opened at Rs 136.30 (buying) and Rs 136.70 (selling) against the same previous rate. It did not witness any change in the evening session and closed at Rs 136.30 (buying) and Rs 136.70 (selling).