THE RUPEE: dollar heading to hit 87 mark

Persisting gradual rise in dollar value, dragging the rupee to hit 87 level in terms of the US currency, dealers said on Friday. Market-men attributed the fall in rupee to rise in demand by importers to clear payments.
The other factor of dollar strong demand is buying by pilgrims, who bought dollars to fulfil their requirements, they said. In the meantime, increasing trend in the remittances, helped the rupee to minimise its slide versus dollar, they said.
INTERBANK MARKET RATES: The rupee continued fall versus dollar, losing four paisa for buying at 86.84 and shed three paisa for selling at 86.88they said. In the final Asian trade dollar was holding modest gains, after a raft of weak US economic data and concerns about European banks sent skittish investors piling into Treasuries.
Rising fears of another global recession hammered stocks, with the Nasdaq plunging more than five percent, while European equities suffered their biggest daily fall in 2.5-years as banks took a beating. The dollar index, which tracks its performance against a basket of major currencies, rose 0.2 percent to 74.371, though these gains were somewhat grudging as the United States has plenty of its own troubles.
The dollar was available at Rs 45.74 for the Indian rupee, the US currency was trading at 2.9865 versus the Malaysian ringgit, the greenback was at 6.3969 against the Chinese yuan.
OPEN MARKET RATES: In sympathy with the interbank, the rupee shed 10 paisa versus the US currency for buying and selling at 86.50 and 86.70, they added. The rupee followed the same trend in relation to euro, losing 99 paisa for buying and selling at Rs 123.27 and Rs 123.77, they said.

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Open Buying     Rs 86.84

Open Selling    Rs 86.88

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

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Buying          Rs 86.50

Selling         Rs 86.70

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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     12.50     13.40      12.50        13.40       12.95

1-Week        12.95     13.20      13.10        13.25       13.13

2-Week        13.00     13.20      13.20        13.25       13.16

1-Month       13.00     13.10      13.20        13.25       13.14

2-Months      13.00     13.10      13.20        13.30       13.15

3-Months      13.00     13.15      13.25        13.30       13.18

4-Months      13.00     13.20      13.25        13.30       13.19

5-Months      13.00     13.20      13.25        13.30       13.19

6-Months      13.05     13.20      13.25        13.30       13.20

9-Months      13.15     13.25      13.35        13.40       13.29

1-Year        13.20     13.30      13.35        13.40       13.31

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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     12.75     13.40      13.00        13.45       13.15

1-Week        13.10     13.30      13.25        13.40       13.26

2-Week        13.10     13.20      13.30        13.35       13.24

1-Month       13.10     13.15      13.30        13.35       13.23

2-Months      13.05     13.15      13.30        13.35       13.21

3-Months      13.05     13.15      13.30        13.35       13.21

4-Months      13.00     13.20      13.30        13.35       13.21

5-Months      13.00     13.20      13.30        13.40       13.23

6-Months      13.05     13.20      13.30        13.40       13.24

9-Months      13.15     13.25      13.40        13.40       13.30

1-Year        13.20     13.30      13.40        13.45       13.34

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RUPEE IN LAHORE: The rupee maintained downward slide and further declined by 15-paisa on buying side and 20-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 remained intact that kept the local currency under pressure. At the end of trading, the dollar was ended at Rs 86.45 and Rs 86.75, as its buying and selling rates against the Thursday's closing of Rs 86.30 and Rs 86.55, respectively, the dealer said.
Similarly, the rupee could not get out of pressure and further slide down against the British pound. The pound was purchased and sold at Rs 142.50 and Rs 143.50, as compared to previous closing of Rs 142.00 and Rs 142.60, respectively, the dealers added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee remained firm against the dollar at the open currency markets of Islamabad and Rawalpindi here on Friday.
The dollar resumed trading at Rs 86.00 (buying) and Rs 86.30 (selling) against the last rate. It did not observe further change in the second session and closed at Rs 86.00 (buying) and Rs 86.30 (selling).
Pound Sterling opened at Rs 138.30 (buying) and Rs 138.50 (selling) against the overnight value. It did not observe further change in the evening session and closed at Rs 138.30 (buying) and Rs 138.50 (selling).
Copyright Business Recorder, 2011