The dollar was still under pressure on the currency market on Friday as the rupee breached the barrier of 85 on the open market due to good supply of the US currency, experts said. The rupee extended its gain versus dollar, rising two paisa for buying at 84.82 and picked up three paisa for selling at 84.85, they said.
The euro climbed against yen and touched a 15-month peak against dollar, supported by market expectations that the European Central Bank will raise interest rates further in coming months after a rate rise on Thursday. Other than its rise against yen, dollar came under broad selling pressure, sliding to a fresh 29-year low against the Australian dollar, a record trough versus the Singapore dollar, and a 16-month low against a basket of currencies.
"The dollar and yen are coming under pressure as investors are more comfortable with risk," said Christopher Gothard, head of FX for Brown Brothers Harriman in Hong Kong.
Indian rupee was at Rs 44.20 in terms of the greenback, Malaysian ringgit was trading at 3.0260 in relation to the US currency and Chinese yuan was trading at 6.5390 versus dollar.
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Open Buying Rs 84.82
Open Selling Rs 84.85
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Buying Rs 84.90
Selling Rs 85.10
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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 13.00 13.65 13.25 13.75 13.41
1-Week 11.50 13.30 13.20 13.35 12.84
2-Week 11.60 13.30 13.25 13.35 12.88
1-Month 11.90 13.25 13.25 13.30 12.93
2-Months 12.40 13.35 13.30 13.40 13.11
3-Months 12.90 13.35 13.30 13.40 13.24
4-Months 13.00 13.40 13.35 13.45 13.30
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 13.00 13.70 13.25 13.75 13.43
1-Week 12.30 13.40 13.30 13.50 13.13
2-Week 12.40 13.40 13.35 13.50 13.16
1-Month 12.70 13.45 13.35 13.50 13.25
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 currency dealers, the dollar witnessed invisible change in its supply and demand situation. The dollar resumed trading at its overnight closing of Rs 84.90 and Rs 85.15, as its buying and selling rates, respectively. At the end of trading, the dollar stayed unchanged on buying side at Rs 84.90, while it marginally declined to Rs 85.10 on selling side, the dealers said.
Similarly, the rupee-pound parity remained unchanged amid low trading activity in the local market. The pound was purchased and sold at Thursday closing of Rs 138.00 and Rs 138.40, respectively, they added.
The dollar resumed trading at Rs 85.20 (buying) and Rs 85.40 (selling) against the last rate. It did not observe further change in the evening session and closed at Rs 85.20 (buying) and Rs 85.40 (selling).
Pound Sterling opened at Rs 136.35 (buying) and Rs 137.50 (selling) against the previous rate. It did not witness any change in the evening session and closed at Rs 136.35 (buying) and Rs 137.50 (selling).