Persisting gradual rise in dollar value, dragging the rupee to hit 87 level in terms of the US currency, dealers said on Friday. Market-men attributed the fall in rupee to rise in demand by importers to clear payments.
The other factor of dollar strong demand is buying by pilgrims, who bought dollars to fulfil their requirements, they said. In the meantime, increasing trend in the remittances, helped the rupee to minimise its slide versus dollar, they said.
Rising fears of another global recession hammered stocks, with the Nasdaq plunging more than five percent, while European equities suffered their biggest daily fall in 2.5-years as banks took a beating. The dollar index, which tracks its performance against a basket of major currencies, rose 0.2 percent to 74.371, though these gains were somewhat grudging as the United States has plenty of its own troubles.
The dollar was available at Rs 45.74 for the Indian rupee, the US currency was trading at 2.9865 versus the Malaysian ringgit, the greenback was at 6.3969 against the Chinese yuan.
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Open Buying Rs 86.84
Open Selling Rs 86.88
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Buying Rs 86.50
Selling Rs 86.70
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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 12.50 13.40 12.50 13.40 12.95
1-Week 12.95 13.20 13.10 13.25 13.13
2-Week 13.00 13.20 13.20 13.25 13.16
1-Month 13.00 13.10 13.20 13.25 13.14
2-Months 13.00 13.10 13.20 13.30 13.15
3-Months 13.00 13.15 13.25 13.30 13.18
4-Months 13.00 13.20 13.25 13.30 13.19
5-Months 13.00 13.20 13.25 13.30 13.19
6-Months 13.05 13.20 13.25 13.30 13.20
9-Months 13.15 13.25 13.35 13.40 13.29
1-Year 13.20 13.30 13.35 13.40 13.31
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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 13.40 13.00 13.45 13.15
1-Week 13.10 13.30 13.25 13.40 13.26
2-Week 13.10 13.20 13.30 13.35 13.24
1-Month 13.10 13.15 13.30 13.35 13.23
2-Months 13.05 13.15 13.30 13.35 13.21
3-Months 13.05 13.15 13.30 13.35 13.21
4-Months 13.00 13.20 13.30 13.35 13.21
5-Months 13.00 13.20 13.30 13.40 13.23
6-Months 13.05 13.20 13.30 13.40 13.24
9-Months 13.15 13.25 13.40 13.40 13.30
1-Year 13.20 13.30 13.40 13.45 13.34
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According to the currency dealers, the dollar's demand remained intact that kept the local currency under pressure. At the end of trading, the dollar was ended at Rs 86.45 and Rs 86.75, as its buying and selling rates against the Thursday's closing of Rs 86.30 and Rs 86.55, respectively, the dealer said.
Similarly, the rupee could not get out of pressure and further slide down against the British pound. The pound was purchased and sold at Rs 142.50 and Rs 143.50, as compared to previous closing of Rs 142.00 and Rs 142.60, respectively, the dealers added.
The dollar resumed trading at Rs 86.00 (buying) and Rs 86.30 (selling) against the last rate. It did not observe further change in the second session and closed at Rs 86.00 (buying) and Rs 86.30 (selling).
Pound Sterling opened at Rs 138.30 (buying) and Rs 138.50 (selling) against the overnight value. It did not observe further change in the evening session and closed at Rs 138.30 (buying) and Rs 138.50 (selling).