THE RUPEE: no change in interbank ratio

Stability was witnessed in the interbank market on Thursday as the rupee did not show any variation against dollar for buying and selling at Rs 60.53 and Rs 60.54, but it gain three paisa for buying and selling, respectively, dealers said.
The rupee was able to retain its level as supply was matching with demand, they said. It is expected that the rupee is likely to retain its level till the end of the out-going fiscal year, they expect.
In the overseas markets, sterling struck a two-month high against dollar on Thursday, getting a boost after data showing British house prices rose at the fastest annual pace in two years stoked expectations for further Bank of England rate hikes.
The pound jumped 0.2 percent on the day to a high of $2.0035 on the Reuters dealing system, pushing back towards a 26-year peak of $2.0134 struck in April.
OPEN MARKET RATES: Mixed trend was seen as the rupee moved both ways versus the dollar and euro, dealers said.
The rupee gave up weakness against dollar, gaining three paisa at Rs 61.15
for buying and Rs 61.22 selling ,respectively. The rupee, however, lost nine paisa against the euro for buying and selling at Rs 81.98 and Rs 82.08, dealers said.

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KERB BUYING             Rs 61.15

KERB SELLING            Rs 61.22

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INTERBANK CLOSING RATES: Interbank closing rates for dollar on Thursday.

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Buying                Rs 60.53

Selling               Rs 60.54

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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   1.50       7.50       2.00        7.75           4.69

1-Week      8.40       8.75       8.60        8.85           8.65

2-Weeks     8.50       8.75       8.70        8.85           8.70

1-Month     8.60       8.75       8.75        8.85           8.74

2-Months    8.70       8.90       8.80        9.00           8.85

3-Months    8.75       8.90       8.85        9.00           8.88

4-Months    8.80       9.00       8.85        9.05           8.93

5-Months    8.85       9.00       8.95        9.10           8.98

6-Months    8.85       9.10       8.95        9.10           9.00

9-Months    8.90       9.10       9.00        9.15           9.04

1-Year      8.90       9.10       9.10        9.25           9.09

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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   1.50       7.75       2.00        8.25           4.88

1-Week      8.75       9.00       8.90        9.25           8.98

2-Weeks     8.75       9.25       9.00        9.40           9.10

1-Month     8.90       9.25       9.10        9.50           9.19

2-Months    9.25       9.50       9.40        9.70           9.46

3-Months    9.25       9.60       9.40        9.75           9.50

4-Months    9.40       9.75       9.65        9.90           9.68

5-Months    9.50       9.75       9.75       10.00           9.75

6-Months    9.75      10.00      10.00       10.25          10.00

9-Months   10.00      10.25      10.25       10.50          10.25

1-Year     10.00      10.50      10.25       10.75          10.38

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RUPEE IN LAHORE: The rupee recovered its earlier loss and improved by 10 paisa against the greenback in the local currency market on Thursday.
According to the currency dealers, the dollar resumed trading at Rs 61.05 and Rs 61.15 as its buying and selling rates, respectively. In the absence of buyers, the dollar could not sustain and started declining. At the end of trading, the dollar moved down to Rs 61.00 and Rs 61.10 against Wednesday closing rates of Rs 61.10 and Rs 61.20 on buying and selling sides, respectively, the dealers added.
Similarly, the rupee remained strong and appreciated its worth against the pound sterling. The pound's buying rate declined from overnight closing of Rs 121.65 to Rs 121.55 while its selling rate moved down from Rs 121.95 to Rs 121.85, the dealers added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee remained firm against the dollar at the open currency markets of Islamabad and Rawalpindi on Wednesday.
The dollar opened at Rs 60.90 (buying) and Rs 61 (selling) against same last rate. It did not observe any change in the second session and closed at Rs 60.90 (buying) and Rs 61 (selling).
Pound Sterling resumed trading at Rs 120 (buying) and Rs 120.20 (selling) against same overnight value. It did not witness any change in the last trading hours and closed at Rs 120 (buying) and Rs 120.20 (selling).
Copyright Business Recorder, 2007