Bearish sentiment was seen on the currency market on Saturday as rupee was not able retain its overnight level versus dollar on the interbank dealings, dealers said. The rupee gave up its overnight firmness in relation to dollar, shedding 10 paisa for buying at 85.44 and slipped by eight paisa for selling at 85.46 due to rising demand for the US currency, they said.
Both the Federal Reserve and Bank of Canada said they had sold yen, bolstering European and Japanese efforts to restrain yen and calm markets after Japan's devastating earthquake, tsunami and unfolding nuclear crisis.
The dollar rose nearly four percent to 82.00 yen on trading platform EBS in European trade, but hedge funds and other speculative accounts tested official resolve by buying into yen sell-off. The dollar last traded just below 81 yen, though still up 2.7 percent on the day.
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Open Buying Rs 85.40
Open Selling Rs.85.55
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Buying Rs.85.44
Selling Rs.85.46
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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 13.50 13.90 13.75 13.90 13.76
1-Week 12.25 13.15 13.10 13.25 12.94
2-Week 12.30 13.10 13.10 13.15 12.91
1-Month 12.20 13.05 13.05 13.10 12.85
2-Months 12.50 13.15 13.15 13.25 13.01
3-Months 12.50 13.20 13.20 13.30 13.05
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 13.50 13.90 13.75 13.95 13.78
1-Week 12.30 13.25 13.20 13.30 13.01
2-Week 12.40 13.25 13.15 13.30 13.03
1-Month 12.70 13.30 13.15 13.40 13.14
2-Months 13.00 13.40 13.30 13.50 13.30
3-Months 13.10 13.60 13.40 13.70 13.45
4-Months 13.25 13.65 13.45 13.75 13.53
5-Months 13.40 13.70 13.50 13.75 13.59
6-Months 13.50 13.75 13.70 13.90 13.71
9-Months 13.60 13.80 13.75 13.95 13.78
1-Year 13.50 13.90 13.80 14.00 13.80
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According to the currency dealers, because of lacking buying support, the dollar could not sustain and declined against the rupee. The dollar was traded at Rs 85.30 and Rs 85.55, as its buying and selling rates against the overnight closing of Rs 85.40 and Rs 85.60, respectively, they said.
However, the rupee failed to maintain its day earlier position and registered decline against the British pound. The pound's buying and selling rates were improved from Friday closing of Rs 137.10 and Rs 137.80 to Rs 137.80 and Rs 138.80, respectively, the dealers added.
The dollar resumed trading at Rs 85.20 (buying) and Rs 85.30 (selling) against the last rate. It did not observe further change in the evening session and closed at Rs 85.20 (buying) and Rs 85.30 (selling).
Pound Sterling opened at Rs 136.50 (buying) and Rs 137.50 (selling) against the previous rate. It did not witness any change in the evening session and closed at Rs 136.50 (buying) and Rs 137.50 (selling).