The rupee surrendered its overnight gains versus dollar on the currency market on Wednesday in process of trading, dealers said. The rupee dropped by 27 paisa in relation to dollar for buying and selling at 84.40 and 84.55, they said.
In the third Asian trade dollar rose broadly, pulling away from a three-year low hit earlier this week against a basket of major currencies, as investors locked in profits in the wake of a relentless slide in the US currency.
But with the Fed having signalled last week that US interest rates would stay long for a prolonged period, investors will probably look for fresh opportunities to sell dollar, said Rob Ryan, FX strategist at BNP Paribas in Singapore.
Indian rupee was trading at Rs 44.51 versus dollar, Malaysian ringgit was available at 2.9785 in terms of the greenback and Chinese yuan was at 6.4984 in relation to dollar.
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Open Buying Rs 84.40
Open Selling Rs.84.55
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Buying Rs.84.60
Selling Rs.84.65
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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 11.05 11.25 11.10 11.30 11.18
1-Week 11.50 12.10 12.10 12.25 11.99
2-Week 11.60 12.40 12.50 12.60 12.28
1-Month 11.75 12.60 12.65 12.75 12.44
2-Months 12.40 13.00 13.00 13.10 12.88
3-Months 12.90 13.10 13.10 13.20 13.08
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 11.05 11.25 11.10 11.35 11.19
1-Week 11.90 12.15 12.25 12.30 12.15
2-Week 12.20 12.50 12.55 12.75 12.50
1-Month 12.50 12.85 12.80 12.95 12.78
2-Months 12.90 13.10 13.10 13.25 13.09
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 declined to Rs 84.40 and Rs 84.60 as buying and selling rates against overnight Rs 84.45 and Rs 84.65, respectively.
On the contrary, the rupee lost its worth against British pound. The pound was purchased and sold at Rs 139.00 and Rs 140.00 as compared to Tuesday's Rs 138.80 and Rs 140.20 for buying and selling respectively, 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).