THE RUPEE: dollar higher in interbank deals

As a result of strong demand for dollars by importers the rupee depreciated in relation to the US currency in interbank dealings on the currency market on Thursday, dealers said. The rupee dropped 11 paisa against dollar for buying at 86.79 and shed 10 paisa for selling at 85.82, they said.
INTERBANK MARKET RATES: The dollar demand is high despite the upward trend in the exports of textile items and remittances, analysts said and added that the importers purchase dollars to clear payments, which caused demand and supply factor. In order to ease the supply of dollars, the State Bank of Pakistan (SBP) had taken a bold step, after a 25-month ban, it permitted the exchange companies to export UAE dirham, pound sterling and euro, and import US dollars equivalent to their collective amount, money experts said.
In the fourth Asian trade euro dipped on profit-taking, after having extended its rally to a two-month high above $1.35 overnight, bringing a key technical level in focus that could throw a speed-bump in its path.
Disappointing earnings from Goldman Sachs and weak US housing data on Wednesday hit appetite for riskier assets, giving traders an excuse to book profits on the euro.
"The euro has actually had quite a strong move since the beginning of the year. So it's time for a pause and fall before it trades higher," said a trader for a European bank in Hong Kong. The euro eased 0.1 percent from late US trading on Wednesday to $1.3459. Indian rupee was trading at Rs 45.59 versus dollar and Chinese yuan was available at 6.5863 in terms of the greenback.
OPEN MARKET RATES: The rupee showed no change against dollar, for buying at 86.00, it, however, rose by 10 paisa for selling at 86.10, they added. The rupee recovered 25 paisa in relation to euro for buying and selling at Rs 115.00 and Rs 115.50, they said.

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Open Buying      Rs 86.00

Open Selling     Rs.86.10

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

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Buying           Rs.85.79

Selling          Rs.85.82

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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     11.05      11.90       11.10       12.00      11.51

1-Week        11.55      12.55       12.50       12.60      12.30

2-Week        11.65      12.70       12.65       12.80      12.45

1-Month       11.90      12.90       12.90       13.00      12.68

2-Months      12.40      13.10       13.00       13.20      12.93

3-Months      12.80      13.15       13.15       13.30      13.10

4-Months      12.90      13.20       13.20       13.30      13.15

5-Months      13.00      13.25       13.25       13.40      13.23

6-Months      13.25      13.45       13.30       13.50      13.38

9-Months      13.25      13.60       13.60       13.75      13.55

1-Year        13.35      13.65       13.70       13.80      13.63

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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     11.05      11.90       11.10       12.00      11.51

1-Week        12.25      12.60       12.55       12.70      12.53

2-Week        12.30      12.90       12.75       13.00      12.74

1-Month       12.40      13.10       12.90       13.20      12.90

2-Months      12.75      13.25       13.25       13.40      13.16

3-Months      12.90      13.40       13.25       13.50      13.26

4-Months      12.90      13.50       13.30       13.60      13.33

5-Months      13.00      13.50       13.40       13.75      13.41

6-Months      13.30      13.70       13.65       13.90      13.64

9-Months      13.30      13.75       13.70       13.90      13.66

1-Year        13.40      13.80       13.75       13.90      13.71

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RUPEE IN LAHORE: The Pak rupee showed strength and appreciated its worth in relation to the greenback in the local currency market on Thursday.
According to the currency dealers, the rupee was able to appreciate its worth against the dollar on account of decline in buying support. The dollar was purchased and sold at Rs 85.80 and Rs 86.20, as compared to its overnight closing rates of Rs 86.20 and Rs 86.40, respectively, the dealers said.
Likewise, the rupee showed strength and recovered some of its earlier loss against the pound sterling. The pound was traded at Rs 136.00 and Rs 137.00, as its buying and selling rates, as compared to Wednesday's closing of Rs 136.70 and Rs 137.50, respectively, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar remained firm against the rupee at the open currency markets of Islamabad and Rawalpindi here on Thursday.
The dollar resumed trading at Rs 85.60 (buying) and Rs 85.80 (selling) against the last rate. It did not observe further change in the evening session and closed at Rs 85.60 (buying) and Rs 85.80 (selling).
Pound Sterling opened at Rs 136.30 (buying) and Rs 136.70 (selling) against the previous rate. It did not witness any change in the evening session and closed at Rs 136.30 (buying) and Rs 136.70 (selling).
Copyright Business Recorder, 2011