Steadier trend was seen on the currency market on Wednesday as the rupee showed firmness versus dollar due to easy availability of the US currency, dealers said. The rupee held the overnight firmness against dollar, gaining four paisa for buying at 85.24 and picked up three paisa for selling at 85.29, they said.
The yuan closed up against dollar and approached its record trading high on Wednesday after the People's Bank of China fixed its daily mid-point near an all-time high.
The PBOC has fixed a slew of record high mid-points since the start of this year, indicating the government may be allowing the yuan's exchange rate to appreciate to help fight inflation, partly propelled by high global commodity prices.
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Open Buying Rs 85.15
Open Selling Rs.85.35
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Buying Rs.85.24
Selling Rs.85.29
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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 13.90 13.90 13.90 13.90 13.90
1-Week 11.50 13.50 13.40 13.60 13.00
2-Week 11.60 13.30 13.30 13.40 12.90
1-Month 11.90 13.20 13.25 13.30 12.91
2-Months 12.40 13.25 13.25 13.35 13.06
3-Months 12.90 13.25 13.30 13.40 13.21
4-Months 13.00 13.30 13.30 13.45 13.26
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 13.90 13.90 13.90 13.95 13.91
1-Week 12.30 13.60 13.40 13.70 13.25
2-Week 12.40 13.50 13.35 13.60 13.21
1-Month 12.70 13.40 13.35 13.50 13.24
2-Months 13.00 13.45 13.35 13.50 13.33
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 moneychangers, the dollar commenced trading at its overnight closing of Rs 85.15 and Rs 85.35 on buying and selling sides, respectively. At the end of trading, the dollar's buying rate remained intact at Rs 85.15 while its selling rate, amid low trading activity, was improved to Rs 85.40.
However, the rupee recovered some of its earlier loss and appreciated its worth against the pound sterling. The pound's buying and selling rates were declined from Tuesday closing of Rs 136.65 and Rs 137.50 to Rs 136.50 and Rs 137.30 respectively, the dealers added.
The dollar resumed trading at Rs 85.25 (buying) and Rs 85.35 (selling) against the last rate. It did not observe further change in the evening session and closed at Rs 85.25 (buying) and Rs 85.35 (selling).
Pound Sterling opened at Rs 136.40 (buying) and Rs 137.50 (selling) against the previous rate. It did not witness any change in the evening session and closed at Rs 136.40 (buying) and Rs 137.50 (selling).