THE RUPEE: dollar at Rs 86

As a result of rising demand for dollars by the foreign and local banks, the rupee was forced to surrender its gains against the US currency on the money market on Monday, dealers said.
Some experts said that nearly 50-60 million dollars were purchased by the banks to meet the oil and other major payment to the foreign companies.
INTER-BANK MARKET RATES: The rupee was down by 10 paisa against dollar for buying at 85.99 and it also lost 12 paisa for selling at 86.04, they said.
In the first Asian trade euro backed off a nine-week high with sharp gains of the past two weeks on easing worries about euro zone debt inducing profit-taking, while more neutral market positioning may make its advance milder.
The euro held above key resistance around $1.3570 that it broke on Friday, a 50 percent re-tracement of its decline from November to early this month, as data showed speculators have closed all their bets against the currency.
China's yuan ended at a record high versus dollar on Monday after it traded above the central bank's mid-point and traders said the currency appeared poised for slow but steady appreciation this year.
Interbank buy/sell rates for taka against dollar on Monday: 71.15/71.15 (previous 71.13/71.15) Call Money Rates: 4.00-6.00 percent (previous 4.50-6.50 percent).
The Indian rupee edged higher tracking the euro's sharp gains in the previous session, but a choppy domestic share market clouded the outlook for foreign fund flows and limited the gains.
At 10:20 a.m. (0450 GMT), the partially convertible rupee was at 45.57/58 per dollar, slightly stronger than 45.615/625 at close on Friday when it had dropped during trade to 45.77, its weakest since December. 1.
OPEN MARKET RATES: Same pattern was mirrored on the open market as the rupee shed 10 against dollar for buying and selling at 86.10 and 86.30, they added.
The rupee followed the same trend, losing 60 paisa in relation to the euro for buying and selling at Rs 116.15 and Rs 116.65, 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 Monday.

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Buying           Rs 85.99

Selling          Rs 86.04

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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     12.75      13.75       13.00       13.90      13.35

1-Week        11.55      12.85       12.85       12.95      12.55

2-Week        11.65      12.90       12.90       13.00      12.61

1-Month       11.90      13.00       12.95       13.05      12.73

2-Months      12.40      13.10       13.00       13.25      12.94

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     12.75      13.80       13.00       13.90      13.36

1-Week        12.25      13.00       12.85       13.10      12.80

2-Week        12.30      13.00       13.00       13.25      12.89

1-Month       12.40      13.20       12.90       13.30      12.95

2-Months      12.75      13.30       13.25       13.40      13.18

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 lost 5 paisa on buying counter at Rs 86.00 and remained unchanged on selling counter at Rs 86.20 in relation to dollar at Lahore currency market on Monday.
According to dealers, the dollar was purchased and sold at Rs 86.00 and Rs 86.20 as compared to last Saturday's Rs 86.05 and Rs 86.20, respectively.
The rupee showed strength on buying side while its lost worth on selling side against pound sterling. The pound was traded at Rs 136.50 and Rs 137.50 as its buying and selling rates as compared to last closing of Rs 136.80 and Rs 137.20, respectively, dealers said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee lost 30 paisa against dollar at the currency exchange establishments of Islamabad and Rawalpindi on Monday.
The dollar resumed trading at Rs 85.90 (buying) and Rs 86.10 (selling) against last rates of Rs 85.60 (buying) and Rs 85.80 (selling) and did not observe further change and closed at Rs 85.90 (buying) and Rs 86.10 (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