THE RUPEE: all-round fall

Bearish sentiment was witnessed on the currency market on Wednesday as the rupee depreciated versus dollar and euro, dealers said. The rupee shed nine paisa against dollar for buying and selling at 85.47 and 85.52, they said.
INTERBANK MARKET RATES: In the third Asian trade yen edged lower, taking its cue from a short-covering bounce in Tokyo shares, but may see more gains near-term as jitters about Japan's nuclear crisis keep investors on edge and risk appetites subdued. Japan's Nikkei share average climbed 5.7 percent, regaining some ground after plunging 10.6 percent a day earlier following reports a quake-crippled nuclear power plant had sent radiation wafting toward Tokyo. Wednesday's bounce in Tokyo shares gave some respite to the Australian dollar, which had slid 3 percent against yen on Tuesday. Higher-yielding currencies like the Aussie are seen as proxies for global growth and sold in times of stress.
The US dollar also rose against yen, edging up 0.1 percent to around 80.84 yen. The dollar had fallen to around 80.60 yen on Tuesday, less than a yen away from the 1995 record low of 79.75 yen.
Indian rupee was trading at Rs 45.24 versus dollar, Malaysian ringgit was available at 3.0580 in relation to the greenback and Chinese yuan was at 6.5727 for a dollar. Interbank buy/sell rates for taka against dollar on Wednesday : 71.94/71.98 (previous 71.83/71.89). Call Money Rates: 11.00-12.00 percent (previous 8.00-12.00 percent.
OPEN MARKET RATES: Same trend was seen on the open market as the rupee slipped by five paisa in relation to dollar for buying and selling at 85.40 and 85.60, they added. The rupee also lost 81 paisa in terms of euro for buying and selling at Rs 118.83 and Rs 119.33, they said.

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Open Buying     Rs 85.40

Open Selling    Rs 85.60

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

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Buying          Rs.85.47

Selling         Rs.85.52

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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     13.50      13.90      13.75       13.90       13.76

1-Week        12.00      13.10      13.10       13.20       12.85

2-Week        11.90      12.95      13.00       13.10       12.74

1-Month       12.00      12.95      12.95       13.05       12.74

2-Months      12.50      13.15      13.15       13.25       13.01

3-Months      12.50      13.20      13.20       13.30       13.05

4-Months      13.00      13.30      13.25       13.35       13.23

5-Months      13.20      13.45      13.40       13.50       13.39

6-Months      13.35      13.50      13.45       13.55       13.46

9-Months      13.40      13.60      13.50       13.65       13.54

1-Year        13.45      13.60      13.55       13.65       13.56

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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     13.50      13.90      13.75       13.95       13.78

1-Week        12.10      13.15      13.15       13.25       12.91

2-Week        11.95      13.15      13.15       13.25       12.88

1-Month       12.70      13.25      13.10       13.30       13.09

2-Months      13.00      13.40      13.30       13.50       13.30

3-Months      13.10      13.60      13.40       13.70       13.45

4-Months      13.25      13.65      13.45       13.75       13.53

5-Months      13.40      13.70      13.50       13.75       13.59

6-Months      13.50      13.75      13.70       13.90       13.71

9-Months      13.60      13.80      13.75       13.95       13.78

1-Year        13.50      13.90      13.80       14.00       13.80

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RUPEE IN LAHORE: The Pak rupee maintained upward slide and further improved by five-paisa against the dollar in the open currency market on Wednesday.
According to the currency dealers, because of lacking buying support, the dollar could not sustain and marginally declined in the local market. The dollar was traded at Rs 85.25 and Rs 85.50, as its buying and selling rates against the overnight closing of Rs 85.30 and Rs 85.55, respectively, the dealers said.
However, the rupee failed to maintain upward trend and lost its value against the pound sterling. The pound's buying and selling rates were improved to Rs 136.60 and Rs 137.60, as compared to Tuesday closing of Rs 136.50 and Rs 137.50, respectively, the dealers added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar-rupee parity remained unchanged at the currency exchange establishments of Islamabad and Rawalpindi here on Wednesday.
The dollar resumed trading at Rs 85.90 (buying) and Rs 86.20 (selling) against the last rate. It did not observe further change in the evening session and closed at Rs 85.90 (buying) and Rs 86.20 (selling).
Pound Sterling opened at Rs 136.40 (buying) and Rs 136.80 (selling) against the previous rate. It did not witness any change in the evening session and closed at Rs 136.40 (buying) and Rs 136.80 (selling).
Copyright Business Recorder, 2011