THE RUPEE: dollar slides on currency market

After a sharp decline in the value of the rupee, it improved versus the US currency on the currency market on Wednesday, dealers said. The rupee moved up with a rise of 10 paisa in relation to dollar for buying and selling at 85.68 and 85.72, they said.
INTERBANK MARKET RATES: In the third Asian trade dollar slid to a two-month low against a basket of currencies, as continued short-covering in euro helped spur a broad fall in dollar. Talk of Asian central banks buying euro and the Australian dollar weighed on US dollar, which was also pressured by selling by Japanese exporters, traders said. The euro remained supported after having risen on Tuesday, when it attracted demand from Middle East accounts and gained a lift from an upbeat German ZEW investor sentiment report.
Indian rupee was trading at Rs 45.39 versus dollar, Malaysian ringgit was available at 3.0530 in terms of the US currency and Chinese yuan was at 6.586 versus the greenback.
OPEN MARKET RATES: The rupee appreciated versus dollar, rising 15 paisa for buying at 86.00 and gained 10 paisa for selling at 86.20, they added. The rupee continued its depreciation in relation to euro, shedding 65 paisa for buying and selling at Rs 115.25 and Rs 115.75, they said.

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Open Buying      Rs 86.00

Open Selling     Rs 86.20

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

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Buying           Rs 85.68

Selling          Rs.85.72

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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      12.75       11.75       12.90      12.23

1-Week        11.55      12.75       12.65       12.80      12.44

2-Week        11.65      12.80       12.60       12.85      12.48

1-Month       11.90      12.90       12.90       13.00      12.68

2-Months      12.40      13.10       13.00       13.20      12.93

3-Months      12.80      13.15       13.15       13.30      13.10

4-Months      12.90      13.20       13.20       13.30      13.15

5-Months      13.00      13.25       13.25       13.40      13.23

6-Months      13.25      13.45       13.30       13.50      13.38

9-Months      13.25      13.60       13.60       13.75      13.55

1-Year        13.35      13.65       13.70       13.80      13.63

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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      12.75       11.75       12.90      12.23

1-Week        12.25      12.80       12.70       12.85      12.65

2-Week        12.30      13.00       12.75       13.10      12.79

1-Month       12.40      13.10       12.90       13.20      12.90

2-Months      12.75      13.25       13.25       13.40      13.16

3-Months      12.90      13.40       13.25       13.50      13.26

4-Months      12.90      13.50       13.30       13.60      13.33

5-Months      13.00      13.50       13.40       13.75      13.41

6-Months      13.30      13.70       13.65       13.90      13.64

9-Months      13.30      13.75       13.70       13.90      13.66

1-Year        13.40      13.80       13.75       13.90      13.71

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RUPEE IN LAHORE: The rupee-dollar parity remained unchanged in the local kerb on Wednesday.
The moneychangers stated that invisible change in dollar's demand and supply situation helped local currency to maintain its worth in the local kerb. The dollar was traded at Rs 86.20 and Rs 86.40, respectively.
On the other hand, the rupee remained under pressure on buying side and unchanged on selling side in relation to pound sterling. The pound was purchased and sold at Rs 136.70 and Rs 137.50, as compared to overnight closing of Rs 136.50 and Rs 137.50, respectively, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar remained firm against the rupee at the open currency markets of Islamabad and Rawalpindi here on Wednesday.
The dollar resumed trading at Rs 85.60 (buying) and Rs 85.80 (selling) against the same last rate. 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 the 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