THE RUPEE: dollar slides further

The rupee maintained its firmness against dollar on the currency market on Wednesday, dealers said. The rupee picked up six paisa versus dollar for buying at 85.84 and rose by five paisa for selling at 85.88, they said.
INTERBANK MARKET RATES: In the third Asian trade dollar held near a 10-week low against a basket of currencies, with the market looking for confirmation from the Federal Reserve later in the day that its focus remains on supporting growth. The perception that the Fed will keep a much easier policy than the European Central Bank, which is growing worried about inflation, has helped euro to extend its recovery after a two-month drubbing from worries over euro zone debt.
The dollar extended losses for a fourth day, after US bond yields fell on news of President Barack Obama's proposal to freeze portions of federal spending in his State of Union address.
Interbank buy/sell rates for taka against dollar on Wednesday :71.15/71.15 (previous 71.15/71.15) Call Money Rates: 4.25-5.75 percent (previous 4.00-7.00 percent).
China's yuan ended up near its record trading high versus dollar on Wednesday after the People's Bank of China set the mid-point at a new peak again but up only slightly from Tuesday's fixing, traders said.
OPEN MARKET RATES: The rupee gave up weakness against dollar as it gained 25 paisa for buying at 85.90 while it rose by 15 paisa for selling at 86.15, they added. The rupee, however, extended its fall against euro, sliding by 65 paisa for buying and selling at Rs 117.50 and Rs 118.00, they said.

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Open Buying      Rs.85.90

Open Selling     Rs.86.15

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

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Buying           Rs.85.84

Selling          Rs.85.88

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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     12.40      13.10       12.50       13.25      12.81

1-Week        11.60      12.85       12.85       12.90      12.55

2-Week        11.75      12.95       12.95       13.00      12.66

1-Month       11.90      13.05       12.95       13.10      12.75

2-Months      12.45      13.10       13.10       13.25      12.98

3-Months      12.90      13.25       13.20       13.40      13.19

4-Months      13.00      13.30       13.20       13.40      13.23

5-Months      13.10      13.35       13.25       13.50      13.30

6-Months      13.35      13.45       13.40       13.55      13.44

9-Months      13.40      13.60       13.60       13.75      13.59

1-Year        13.45      13.65       13.70       13.80      13.65

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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     12.40      13.20       12.50       13.25      12.84

1-Week        12.25      13.00       12.85       13.10      12.80

2-Week        12.30      13.10       13.00       13.25      12.91

1-Month       12.40      13.20       12.90       13.30      12.95

2-Months      12.75      13.30       13.25       13.40      13.18

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 dollar- rupee parity remained unchanged in the open markets here on Wednesday.
According to the currency dealers, the local currency remained unchanged for the second consecutive day on account of dollar's dull demand and supply situation. The dollar was traded at its overnight closing rates of Rs 86.00 and Rs 86.20, as its buying and selling rates, respectively, the dealers maintained.
Likewise, the local currency remained unchanged against the pound sterling. The pound was purchased and sold at its last closing rates of Rs 136.00 and Rs 137.00, respectively, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar showed an improvement of 30 paisa against the rupee at the currency exchange establishments of Islamabad and Rawalpindi here on Wednesday.
The dollar resumed trading at Rs 85.90 (buying) and Rs 86.10 (selling) against the same last rate. It did not observe further change in the evening session and closed at Rs 85.90 (buying) and Rs 86.10 (selling).
Pound Sterling opened at Rs 136.30 (buying) and Rs 136.70 (selling) against the same previous rate. The British currency 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