THE RUPEE: money market volatile

Volatility was seen on the open market on Tuesday as after the intervention by the State Bank of Pakistan (SBP), the rupee recovered versus dollar, dealers said. The rupee rose by 20 paisa in relation to dollar for buying at 87.40 while it gained 19 paisa for selling at 87.45, they added.
INTERBANK MARKET RATES: In the second Asian trade euro crawled up from eight-month lows as a report that Europe is considering beefing up its bailout fund prompted short-covering, and it could extend its rebound in the very near term given traders' overwhelmingly short positions in the currency. Asian currencies also rebounded after massive selling in the past two weeks, helping to ease worries about growing contagion from the euro zone's debt crisis to the world economy and supporting euro and other risk currencies.
The dollar against the Indian rupee was at Rs 49.45, versus the Malaysian ringgit it was trading at 3.1500 and it was available at 6.394 Chinese yuan.
OPEN MARKET RATES: The rupee gained 80 paisa in relation to dollar for buying and selling at 89.10 and 89.30, they said. The rupee also picked up 13 paisa versus euro for buying and selling at Rs 120.56 and Rs 121.06, they said.

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Open Buying     Rs 89.10

Open Selling    Rs 89.30

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

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Buying          Rs 87.40

Selling         Rs.87.45

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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     13.40      13.40      13.40       13.45       13.41

1-Week        13.25      13.40      13.40       13.40       13.36

2-Week        13.20      13.35      13.40       13.40       13.34

1-Month       13.10      13.30      13.30       13.35       13.26

2-Months      13.10      13.20      13.25       13.30       13.21

3-Months      13.10      13.20      13.25       13.30       13.21

4-Months      12.90      13.15      13.25       13.30       13.15

5-Months      12.90      13.15      13.20       13.25       13.13

6-Months      12.90      13.10      13.15       13.20       13.09

9-Months      12.90      13.10      13.10       13.15       13.06

1-Year        12.90      13.05      13.10       13.15       13.05

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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     13.40      13.40      13.40       13.45       13.41

1-Week        13.25      13.40      13.40       13.45       13.38

2-Week        13.25      13.40      13.40       13.40       13.36

1-Month       13.15      13.30      13.30       13.35       13.28

2-Months      13.10      13.25      13.30       13.35       13.25

3-Months      13.10      13.30      13.30       13.35       13.26

4-Months      13.00      13.30      13.25       13.35       13.23

5-Months      13.00      13.35      13.30       13.35       13.25

6-Months      13.10      13.35      13.30       13.40       13.29

9-Months      13.10      13.35      13.30       13.40       13.29

1-Year        13.15      13.40      13.35       13.45       13.34

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RUPEE IN LAHORE: The Pak rupee recovered some of its earlier loss and gained 50-paisa on buying side and 40-paisa on selling side in relation to the greenback in the local currency market on Tuesday.
According to the currency dealers, the dollar's demand could not remain intact that helped rupee appreciation in the open market. At the end of trading, the dollar was slide down to Rs 89.30 and Rs 89.80, as its buying and selling rates against the overnight closing of Rs 89.80 and Rs 90.20, respectively.
However, the rupee failed to maintain its position and lost its worth on buying side, while it stayed unchanged on selling side against the British pound. The pound's buying rate was improved from Monday closing of Rs 139.40 to Rs 139.60 but its selling rate remained unchanged at Rs 140.00, the dealers added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee-dollar parity remained unchanged at the open currency markets of Islamabad and Rawalpindi here on Tuesday.
The dollar opened at Rs 90.00 (buying) and Rs 90.10 (selling) against the last rate. It did not observe further change in the second session and closed at Rs 90.00 (buying) and Rs 90.10 (selling).
Pound Sterling opened at Rs 138.45 (buying) and Rs 138.60 (selling) against the previous rate. It did not observe further change in the evening session and closed at Rs 138.45 (buying) and Rs 138.60 (selling).
Copyright Business Recorder, 2011