THE RUPEE: dollar moves both ways

Divergent trend was seen on the currency market on Wednesday in process of trading, dealers said. The rupee slipped by one paisa against the US currency for buying and selling at 85.73 and 85.76, they said.
INTERBANK MARKET RATES: During the third Asian trade euro won a reprieve after plumbing new lows on the Swiss franc and Australian dollar but the single currency is seen stuck in a slow descent as a steady drip of grim ratings news erodes confidence in it. The latest blows came from Moody's, which warned it might cut Portugal's rating, and Fitch, which said the same about Greece.
"Though one might suppose the market had become somewhat desensitised to such news, evidence suggests otherwise as periphery-bund spreads widen again and EUR remains under pressure," David Watt, a senior currency strategist at RBC Dominion, said in a note to clients. China's yuan edged higher after the Chinese central bank set a slightly stronger mid-point on Wednesday and as dollar index eased in global markets. But dealers said the firmer yuan did not signify any shift in policy for now. Interbank buy-sell rates for taka against dollar on Wednesday : 70.68-70.70 (previous 70.65-70.70) Call Money Rates: 25.00-30.00 percent (previous 9.0-35.00 percent).
OPEN MARKET RATES: The rupee gained five paisa against dollar for buying 85.60 while it picked up 10 paisa for selling at 85.75, they said. The rupee maintained its surge versus euro as it rose by 15 paisa for buying and selling at Rs 112.05 and Rs 112.55, they said.

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Open Buying      Rs 85.60

Open Selling     Rs 85.75

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Interbank Closing Rates: Interbank Closing Rates For Dollar on Wednesday.

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Buying           Rs 85.73

Selling          Rs.85.76

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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    13.00     13.90       13.25        13.90       13.51

1-Week       11.50     12.90       12.90        13.00       12.58

2-Week       11.60     12.75       12.70        12.90       12.49

1-Month      11.90     12.80       12.75        12.90       12.59

2-Months     12.20     13.00       12.80        13.10       12.78

3-Months     12.55     13.10       13.05        13.20       12.98

4-Months     12.70     13.10       13.10        13.25       13.04

5-Months     12.75     13.20       13.20        13.35       13.13

6-Months     13.00     13.30       13.25        13.40       13.24

9-Months     13.10     13.40       13.30        13.60       13.35

1-Year       13.25     13.50       13.40        13.60       13.44

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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    12.50     13.90       12.75        13.95       13.28

1-Week       12.00     13.20       13.00        13.25       12.86

2-Week       12.10     13.10       12.75        13.25       12.80

1-Month      12.40     13.10       12.90        13.25       12.91

2-Months     12.50     13.40       13.20        13.50       13.15

3-Months     12.75     13.50       13.25        13.75       13.31

4-Months     12.80     13.50       13.30        13.75       13.34

5-Months     13.00     13.50       13.40        13.75       13.41

6-Months     13.10     13.60       13.40        13.90       13.50

9-Months     13.25     13.60       13.50        13.90       13.56

1-Year       13.25     13.75       13.60        14.00       13.65

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RUPEE IN LAHORE: The rupee appreciated by 5 paisa against dollar at Lahore currency market on Wednesday. According to moneychangers, dollar commenced trading at Rs 85.55 and Rs 85.80 as buying and selling rates, respectively and ended with marginal decline at Rs 85.50 and Rs 85.75 on buying and selling sides, respectively. On the contrary, the rupee lost 10 paisa against pound sterling, which was purchased and sold at Rs 133.30 and Rs 134.30 as compared to overnight Rs 133.20 and Rs 134.10 respectively, moneychangers said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee-dollar parity remained unchanged at the open currency markets of Islamabad and Rawalpindi here on Wednesday.
The dollar resumed trading at Rs 85.50 (buying) and Rs 85.80 (selling) against the rate of Rs 86.20 (buying) and Rs 86.30 (selling). It did not observe further change in the evening session and closed at Rs 85.50 (buying) and Rs 85.80 (selling).
Pound Sterling opened at Rs 136.20 (buying) and Rs 136.60 (selling) in the morning session. It did not observe further change in the last trading hours and closed at Rs 136.20 (buying) and Rs 136.60 (selling).
Copyright Business Recorder, 2010