THE RUPEE: dollar slips

Inflows helped the rupee to recover its gains against dollar on the currency market on Friday, experts said. The rupee appreciated by 18 paisa in relation to dollar for buying and selling at 85.62 and 85.67, they said.
INTERBANK MARKET RATES: In the final Asian trade dollar tumbled broadly after weak US economic data dragged the 10-year Treasury yield down to a six-month low overnight, with the greenback's drop gaining steam on a flurry of stop-loss selling. The dollar fell across the board, hitting a record low against Swiss franc and a three-year low versus New Zealand dollar, with traders citing talk of dollar selling by model funds and US banks, as well as Asian sovereign players.
The dollar also retreated against emerging Asian currencies such as Singapore dollar, and slid 0.6 percent versus a basket of major currencies to 75.107, pulling away from a two-month high of 76.366 hit earlier this week.
The dollar had rallied earlier in May after a rout in commodities such as silver and oil spooked investors, prompting them to unwind dollar-funded bets on risky assets.
The yuan ended little changed against dollar on Friday, even though the People's Bank of China set the mid-point at a record high, as dealers reported large dollar demand from corporate clients. Indian rupee was trading at Rs 45.30 versus dollar and Malaysian ringgit was at 3.0290 in terms of the greenback.
OPEN MARKET RATES: The rupee managed to recover 20 paisa versus dollar for buying 85.80 and gained 30 paisa for selling at 86.00, they added. The rupee, however, shed 11 paisa in relation to euro for buying at Rs 121.81 and it inched down by one paisa for selling at Rs 122.31, they said.

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Open Buying     Rs 85.62

Open Selling    Rs 85.67

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

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Buying          Rs 85.80

Selling         Rs 86.00

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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    13.00      13.75       13.40       13.90       13.51

1-Week       12.50      13.35       13.30       13.40       13.14

2-Week       12.75      13.25       13.25       13.35       13.15

1-Month      12.75      13.25       13.25       13.30       13.14

2-Months     12.80      13.20       13.20       13.30       13.13

3-Months     12.90      13.20       13.25       13.30       13.16

4-Months     12.90      13.25       13.25       13.30       13.18

5-Months     13.00      13.35       13.35       13.40       13.28

6-Months     13.20      13.40       13.35       13.50       13.36

9-Months     13.25      13.50       13.50       13.60       13.46

1-Year       13.40      13.60       13.55       13.70       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    13.00      13.75       13.40       13.90       13.51

1-Week       12.60      13.45       13.35       13.50       13.23

2-Week       12.80      13.35       13.30       13.40       13.21

1-Month      12.90      13.35       13.30       13.40       13.24

2-Months     12.90      13.35       13.30       13.40       13.24

3-Months     13.10      13.45       13.30       13.50       13.34

4-Months     13.10      13.40       13.35       13.50       13.34

5-Months     13.25      13.50       13.40       13.60       13.44

6-Months     13.30      13.60       13.45       13.65       13.50

9-Months     13.50      13.70       13.60       13.75       13.64

1-Year       13.50      13.75       13.60       13.90       13.69

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RUPEE IN LAHORE: The Pak rupee showed stability on buying side, while it was further improved by 10-paisa on selling side in relation to the greenback in the local currency market on Friday.
According to the currency dealers, the dollar's demand could not remain intact that helped rupee appreciation in the open market. The dollar was closed at Rs 86.00 and Rs 86.20, as its buying and selling rates against the overnight closing of Rs 86.00 and Rs 86.30, respectively.
However, the rupee maintained downward slide and further declined against the pound sterling. The pound's buying and selling rates were improved from the Thursday closing of Rs 140.00 and Rs 141.00 to Rs 141.00 and Rs 142.00, respectively, the dealers said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar remained unchanged against the rupee at the open currency markets of Islamabad and Rawalpindi here on Friday.
The dollar resumed trading at Rs 84.60 (buying) and Rs 85.20 (selling) against the last rate. It did not observe further change in the evening session and closed at Rs 84.60 (buying) and Rs 85.20 (selling).
Pound Sterling opened at Rs 136.50 (buying) and Rs 137.60 (selling) against the previous rate. It did not witness any change in the evening session and closed at Rs 136.50 (buying) and Rs 137.60 (selling).
Copyright Business Recorder, 2011