All-round gains were seen on the money market on Tuesday as the rupee recovered versus dollar and euro, dealers said. The rupee picked up 22 paisa in relation to dollar for buying and selling at 84.33 and 84.38, they said. Availability of the US currency helped the rupee to recover lost ground in process of trading, they said.
The dollar index, which tracks its performance against a basket of major currencies, was last up 0.1 percent at 73.026, still not far off a three-year low of 72.722 hit this week. Its decline in the past few weeks has taken it ever closer to a record low of 70.698 set in March 2008.
"There could be some exhaustion in terms of dollar selling. The fact is, from a pure market positioning perspective, the market is extremely short US dollars," said Mitul Kotecha, head of global FX strategy at Credit Agricole in Hong Kong.
Indian rupee was trading at Rs 44.33 versus dollar, Malaysian ringgit was available at 2.9715 in terms of the greenback and Chinese yuan was at 6.4998 in relation to the US currency.
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Open Buying Rs 84.40
Open Selling Rs 84.60
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Buying Rs 84.33
Selling Rs.84.38
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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 11.50 12.25 12.00 12.50 12.06
1-Week 11.50 12.25 12.40 12.50 12.16
2-Week 11.60 12.50 12.50 12.60 12.30
1-Month 11.75 12.70 12.75 12.85 12.51
2-Months 12.40 13.10 13.00 13.15 12.91
3-Months 12.90 13.15 13.15 13.20 13.10
4-Months 13.00 13.25 13.30 13.35 13.23
5-Months 13.20 13.35 13.35 13.40 13.33
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 11.50 12.25 12.00 12.50 12.06
1-Week 12.00 12.50 12.50 12.60 12.40
2-Week 12.20 12.60 12.50 12.75 12.51
1-Month 12.50 12.95 12.85 13.10 12.85
2-Months 13.00 13.20 13.20 13.30 13.18
3-Months 13.10 13.30 13.30 13.40 13.28
4-Months 13.25 13.50 13.40 13.60 13.44
5-Months 13.40 13.60 13.45 13.65 13.53
6-Months 13.45 13.65 13.55 13.75 13.60
9-Months 13.50 13.70 13.60 13.75 13.64
1-Year 13.50 13.75 13.60 13.90 13.69
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According to dealers, the dollar commenced trading at overnight Rs 84.50 and Rs 84.65 on buying and selling sides, respectively, while at the end of trading it closed at Rs 84.45 and Rs 84.65 as its buying and selling rates, respectively.
However, the rupee recovered some losses against pound sterling, which declined to Rs 138.80 and Rs 140.20 buying and selling rates respectively, from Monday's Rs 140.50 and Rs 141.00, dealers said.
The dollar resumed trading at Rs 84.70 (buying) and Rs 85.20 (selling) against same last rates. It did not observe further change in the evening session and closed at Rs 84.70 (buying) and Rs 85.20 (selling).
Pound sterling opened at Rs 136.15 (buying) and Rs 137.15 (selling) against same previous rates. It did not witness any change in the evening session and closed at Rs 136.15 (buying) and Rs 137.15 (selling).