THE RUPEE: sharp gains all-round

All-round gains were seen on the currency market on Tuesday as dollars' supply eased in process of trading, dealers said. The rupee trimmed its losses against dollar, picking up 46 paisa for buying and selling at 84.69 and 84.74 In the second Asian trade euro wobbled near a three-week low against dollar, smarting from renewed worries about indebted euro-zone countries and whether a bailout plan for Greece would be sustainable.
INTERBANK MARKET RATES: The common currency, which hit a six-week low against Japanese yen and a one-month low against British pound, was also hobbled by fears of a commodities rout after oil prices fell in the wake of the CME Group's hike in trading margins for US crude futures. "In the short-term, there could be more unwinding of euro/dollar long positions due to negative news on fringe euro zone countries' debt problems," said Junya Tanase, FX strategist at J.P. Morgan Chase Bank.
The euro fell 0.25 percent in Asian trade to $1.4327, edging closer to a three-week low of $1.4254 hit the previous day. The yuan ended a tad up against dollar on Tuesday but did not hit a new peak after the People's Bank of China set a record high mid-point, with the market wary of a possible pullback following US-China talks. The jitters were mainly propelled by a sharp rebound of dollar in global markets, traders said.
Inter-bank buy/sell rates for taka against dollar on Tuesday: 73.10/73.20 (previous 73.16/73.17) Call Money Rates: 4.75-6.75 percent (previous 5.00-6.75 percent).
Indian rupee was trading at Rs 44.72 versus dollar and Malaysian ringgit was available at 2.9835 in terms of the greenback.
OPEN MARKET RATES: The rupee recovered versus dollar, gaining 40 paisa for buying at 84.64 and 45 paisa for selling at 84.80, they added. The rupee adopted the same pattern in terms of euro, rising 84 paisa for buying and 74 paisa for selling at Rs 121.25 and Rs 121.75 respectively, they said.

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Open Buying     Rs 84.65

Open Selling    Rs.84.80

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

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Buying          Rs.84.69

Selling         Rs.84.74

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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     11.10      11.60      11.25       11.75       11.43

1-Week        11.40      12.10      12.10       12.15       11.94

2-Week        11.50      12.30      12.25       12.40       12.11

1-Month       11.75      12.70      12.65       12.75       12.46

2-Months      12.40      12.90      12.85       13.00       12.79

3-Months      12.75      12.90      12.95       13.05       12.91

4-Months      12.90      13.00      13.00       13.20       13.03

5-Months      13.00      13.35      13.25       13.40       13.25

6-Months      13.20      13.35      13.30       13.40       13.31

9-Months      13.25      13.50      13.50       13.60       13.46

1-Year        13.40      13.60      13.50       13.65       13.54

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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     11.10      11.60      11.25       11.80       11.44

1-Week        11.75      12.20      12.15       12.25       12.09

2-Week        12.00      12.45      12.30       12.50       12.31

1-Month       12.40      12.85      12.75       12.90       12.73

2-Months      12.90      13.00      13.10       13.20       13.05

3-Months      13.10      13.25      13.20       13.35       13.23

4-Months      13.10      13.35      13.25       13.45       13.29

5-Months      13.25      13.45      13.35       13.55       13.40

6-Months      13.30      13.50      13.40       13.60       13.45

9-Months      13.50      13.65      13.60       13.70       13.61

1-Year        13.50      13.75      13.60       13.85       13.68

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RUPEE IN LAHORE: The Pak rupee drifted higher against the greenback improving 30-paisa on buying side at Rs 84.70 and 25-paisa on selling side at Rs 84.95 at the open currency markets of Lahore on Tuesday.
The dollar resumed trading at Rs 84.95 (buying) and Rs 85.15 (selling) against overnight rate of Rs 85.00 and Rs 85.20. In the absence of any buying activity, the dollar moved down and closed at Rs 84.70 and Rs 84.95 on buying and selling counters, respectively.
Likewise, the British pound lost its worth against the local currency. Pound Sterling was purchased and sold at Rs 138.80 and Rs 139.40 as against Rs 139.20 and Rs 139.60 on Monday.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar remained unchanged against rupee at the currency markets of Islamabad and Rawalpindi on Tuesday.
The dollar resumed trading at Rs 84.40 (buying) and Rs 85.00 (selling) against same last rates. It did not observe further change in the evening session and closed at Rs 84.40 (buying) and Rs 85.00 (selling).
Pound sterling opened at Rs 136.50 (buying) and Rs 137.50 (selling) against same previous rates. It did not witness any change in the evening session and closed at Rs 136.50 (buying) and Rs 137.50 (selling).
Copyright Business Recorder, 2011