Increasing demand for dollars by importers, pushed the rupee lower on the currency market on Friday, dealers said. The rupee shed five paisa in relation to dollar for buying at 85.98 and it also slipped by seven paisa for selling at 86.02 in process of trading, they said.
The ratings agency warned there was a one-in-two chance it could cut US ratings if no deal was reached on raising the government's debt ceiling. The dollar briefly came under selling pressure, but the impact was short-lived, perhaps because Moody's had already raised the possibility of a downgrade. Dealers said the market might also be hoping that the pressure from the agencies would jolt US lawmakers into doing a deal.
The yuan closed down slightly versus dollar on Friday as the People's Bank of China pulled the yuan's mid-point back from a record high, suggesting the authorities may temper the currency's pace of appreciation, traders said. Indian rupee was trading at Rs 44.50 versus dollar and Malaysian ringgit was at 3.0025 in terms of the US currency.
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Open Buying Rs 85.98
Open Selling Rs 86.02
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Buying Rs 86.05
Selling Rs 86.25
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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 12.75 13.50 13.00 13.75 13.25
1-Week 12.90 13.45 13.40 13.50 13.31
2-Week 13.00 13.40 13.40 13.45 13.31
1-Month 13.00 13.35 13.40 13.45 13.30
2-Months 13.10 13.35 13.40 13.45 13.33
3-Months 13.15 13.35 13.40 13.45 13.34
4-Months 13.15 13.40 13.40 13.50 13.36
5-Months 13.20 13.45 13.45 13.55 13.41
6-Months 13.25 13.50 13.50 13.60 13.46
9-Months 13.30 13.60 13.60 13.70 13.55
1-Year 13.40 13.65 13.65 13.75 13.61
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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 12.75 13.50 13.00 13.75 13.25
1-Week 13.00 13.45 13.40 13.50 13.34
2-Week 13.10 13.45 13.45 13.50 13.38
1-Month 13.15 13.40 13.40 13.45 13.35
2-Months 13.15 13.45 13.40 13.50 13.38
3-Months 13.20 13.50 13.45 13.60 13.44
4-Months 13.20 13.50 13.50 13.65 13.46
5-Months 13.25 13.55 13.50 13.65 13.49
6-Months 13.30 13.60 13.50 13.65 13.51
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, dollar commenced trading at overnight Rs 85.90 and Rs 86.10 as buying and selling rates, respectively, and closed at the same levels.
The pound was purchased and sold at Rs 137.80 and Rs 138.60 as compared to overnight Rs 138.20 and Rs 139.00 respectively, dealers said.
The dollar opened at Rs 86.00 (buying) and Rs 86.25 (selling) against same overnight value. It did not observe further change in the second session and closed at Rs 86.00 (buying) and Rs 86.25 (selling).
Pound Sterling opened at Rs 138.30 (buying) and Rs 138.45 (selling) against same overnight value. It did not observe further change in the evening session and closed at Rs 138.30 (buying) and Rs 138.45 (selling).