First I created a sequence with any name. I ran the nextval and currval command and it's working perfectly, but the problem starts when I try to create another sequence with the same name. As expected it won't create a new sequence, as the object already exists, but what it does is give junk values to the already created sequence. Ideally it shouldn't touch the previous sequence but here it does.
If anybody has any idea why it does, I would like to hear it. Thanks.
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Are you using the "cache" option for the sequence definition? If so, there are known issues:
http://www.arikaplan.com/oracle/ari82599.html
In any case, getting a "sequence already exists" message should not corrupt the existing sequence. I would log an iTar on Oracle MetaLink and see if there is a bug.
This was first published in October 2005

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