THE RUPEE: rates stable before budget

Firmness prevailed on the money market on Friday as the rupee recovered modestly versus dollar, money experts said. The rupee recovered nine paisa in relation to the greenback for buying at 85.85 and it also gained eight paisa for selling at 85.90, they said.
INTERBANK MARKET RATES: There was demand for dollars but supply position was also strong, which helped the rupee to gain ground versus the US currency, they said. On Thursday dollar stuck near a one-month low against a basket of currencies and hovered near a record low versus Swiss franc, after more weak US data stoked jitters that the US economy's soft patch may become protracted.
The euro edged up against dollar but remained well below a recent four-week high, having taken a hit the previous day after Moody's Investors Service slashed Greece's credit rating by three notches deep into junk territory.
Interbank buy/sell rates for taka against dollar on Thursday: 73.59/73.73 (previous 73.55/73.65). Call Money Rates: 7.00-12.00 percent (previous 6.00-12.00 percent). The yuan ended down slightly against dollar after the People's Bank of China set a weaker mid-point following five days of record high fixings, reflecting its intention to let yuan take a breather. Indian rupee was trading at Rs 44.84 versus dollar and Malaysian ringgit was available at 3.0200 in terms of the US currency.
The euro hit a one-month high against dollar on Friday, with investors fretting whether US jobs data due later in the day might signal a protracted soft patch in the US economy's recovery and a further slide in the dollar. Disappointing US data spurred a drop in the 10-year US Treasury yield to a six-month low earlier in the week and dragged dollar down to a one-month trough versus a basket of major currencies.
With market expectations already lowered after a report this week showed sharply slower growth in private-sector jobs last month, market players say the chances of a steep dollar sell-off after the US jobs data on Friday do not seem very high. The yuan ended up slightly against dollar on Friday after the People's Bank of China set a higher mid-point, underpinning expectations it will let the Chinese currency rise further to help curb inflation. Indian rupee was trading at Rs 44.87 versus the dollar and Malaysian ringgit was at 3.0120 in terms of the greenback.
OPEN MARKET RATES: The rupee did not show any change in relation to dollar for the fourth day for buying and selling at 86.10 and 86.30, they added. The rupee extended its fall versus euro, losing 34 paisa for buying and selling at Rs 124.37 and Rs 124.87, they said.

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Open Buying     Rs 86.10

Open Selling    Rs 86.30

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

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Buying          Rs 85.85

Selling         Rs 85.90

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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     11.50     13.75       12.00      13.80        12.76

1-Week        12.00     13.30       13.00      13.40        12.93

2-Week        12.25     13.30       13.10      13.35        13.00

1-Month       12.75     13.25       13.15      13.35        13.13

2-Months      12.85     13.30       13.20      13.35        13.18

3-Months      12.90     13.25       13.25      13.35        13.19

4-Months      13.00     13.25       13.30      13.35        13.23

5-Months      13.10     13.35       13.35      13.40        13.30

6-Months      13.25     13.45       13.40      13.50        13.40

9-Months      13.30     13.60       13.60      13.70        13.55

1-Year        13.40     13.65       13.65      13.75        13.61

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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     11.50     13.75       12.00      13.80        12.76

1-Week        12.25     13.35       13.10      13.45        13.04

2-Week        12.50     13.35       13.20      13.45        13.13

1-Month       12.90     13.40       13.25      13.45        13.25

2-Months      13.00     13.40       13.30      13.45        13.29

3-Months      13.10     13.45       13.30      13.50        13.34

4-Months      13.10     13.45       13.40      13.50        13.36

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 rupee-dollar parity remained unchanged amid sluggish trading on Lahore currency market on Friday.
According to dealers, the dollar was traded at overnight rates Rs 86.10 and Rs 86.35 for buying and selling, respectively.
However, the rupee improved against British pound, which was traded at Rs 140.30 and Rs 141.00 for buying and selling against Thursday's Rs 140.50 and Rs 141.50, dealers said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar remained firm against rupee at the currency markets of Islamabad and Rawalpindi on Friday.
The dollar resumed trading at Rs 85.60 (buying) and Rs 85.80 (selling) against same last rates. 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 same 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