THE RUPEE: dollar higher

Strong dollars' buying pushed the rupee lower on the currency market on Friday ahead of long weekend due to local holiday on account of Quaid-e-Azam birth anniversary, dealers said. The rupee extended its decline versus dollar, losing five paisa for buying at 85.79 and dropped by six paisa for selling at 85.84, they said.
INTERBANK MARKET RATES: In the final Asian trade euro held its ground after rebounding from a record low against Swiss franc and a three-week low against dollar, but is expected to come under renewed pressure after market players return from the Christmas break. Traders said on Thursday's rebound in euro was overdue particularly against Swiss franc after heavy buying by hedge funds had helped it hit a series of record lows this week to the point where technical signals indicate an oversold market.
But little action took place in Asia with volumes drying up heading into the Christmas holidays. US markets are shut on Friday along with many European centres. The ringgit rose 0.84 percent to as firm as 3.0890 per dollar, the strongest since November, 11 after a media report on the possible listing of Petronas Carigali.
The yuan rose to close at its highest level against dollar in six weeks on Friday after the People's Bank of China set a stronger midpoint, continuing an upward crawl for the Chinese currency over the past few days. The yuan may appreciate a little in the near term as the central bank might use the exchange rate to fight potential imported inflation and as it needs to create a favourable environment for President Hu Jintao's visit to the United States in mid-January, traders said.
Interbank buy/sell rates for taka against dollar on Thursday: 70.69/70.70 (previous 70.68/70.70) Call Money Rates: 15.00-25.00 percent previous 9.0-30.00 percent). Indian rupee was trading at Rs 45.22 versus dollar.
OPEN MARKET RATES: The rupee maintained its overnight level against dollar for buying at 85.60 while it shed five paisa for selling 85.80, they said. The rupee gave up overnight gains versus euro, shedding 20 paisa for buying and selling at Rs 111.95 and Rs 112.45, they added.

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Open Buying      Rs 85.79

Open Selling     Rs 85.84

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

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Buying           Rs 85.60

Selling          Rs 85.80

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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     12.25      13.75     12.50        13.90       13.10

1-Week        11.50      12.75     12.60        12.80       12.41

2-Week        11.60      12.75     12.80        12.90       12.51

1-Month       11.90      12.90     12.90        12.95       12.66

2-Months      12.20      13.00     12.80        13.10       12.78

3-Months      12.55      13.15     13.10        13.25       13.01

4-Months      12.70      13.15     13.10        13.25       13.05

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     12.25     13.75       12.50        13.90      13.10

1-Week        12.00     13.00       12.90        13.10      12.75

2-Week        12.25     13.20       13.00        13.30      12.94

1-Month       12.50     13.10       13.00        13.25      12.96

2-Months      12.75     13.40       13.20        13.50      13.21

3-Months      12.80     13.50       13.25        13.75      13.33

4-Months      12.90     13.50       13.30        13.75      13.36

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 Pak rupee remained under pressure against the dollar in the local Kerb on Friday.
According to the moneychangers, the dollar continued upward trend and appreciated its worth in the kerb market on account of buying support. The dollar was traded at Rs 85.70 (buying) and Rs 85.90 (selling), as compared to overnight closing of Rs 85.65 (buying) and Rs 85.80 (selling), they added.
The rupee-pound parity remained unchanged in the local market. The pound sterling commenced trading at Rs 132.50 (buying) and Rs 133.50 (selling) and did not observe any change in its value. The opening rates continued to prevail throughout the day, the moneychangers said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee-dollar parity remained unchanged at the open currency markets of Islamabad and Rawalpindi here on Friday.
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