THE RUPEE: dollar higher

The rupee surrendered its overnight gains versus dollar on the currency market on Wednesday in process of trading, dealers said. The rupee dropped by 27 paisa in relation to dollar for buying and selling at 84.40 and 84.55, they said.
In the third Asian trade dollar rose broadly, pulling away from a three-year low hit earlier this week against a basket of major currencies, as investors locked in profits in the wake of a relentless slide in the US currency.
INTERBANK MARKET RATES: The dollar climbed against commodity-linked currencies such as the New Zealand dollar and Australian dollar, which have succumbed to profit-taking after a sharp drop in silver earlier in the week. The dollar also gained ground against emerging Asian currencies as investors scaled back overstretched positions, and edged higher against euro. Some gauges of market positioning suggest that speculators and hedge funds have hefty short dollar positions against emerging Asian currencies as well as currencies such as Australian dollar, leaving open the possibility of more position unwinding and a further rebound in the US currency.
But with the Fed having signalled last week that US interest rates would stay long for a prolonged period, investors will probably look for fresh opportunities to sell dollar, said Rob Ryan, FX strategist at BNP Paribas in Singapore.
Indian rupee was trading at Rs 44.51 versus dollar, Malaysian ringgit was available at 2.9785 in terms of the greenback and Chinese yuan was at 6.4984 in relation to dollar.
OPEN MARKET RATES: The rupee did not show any change versus dollar for buying at 84.40 while it maintained its rise for selling by five paisa for selling at 84.55, they added. The rupee was lower by 73 paisa in terms of euro for buying and selling at Rs 125.18 and Rs 125.68, they said.

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Open Buying     Rs 84.40

Open Selling    Rs.84.55

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

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Buying          Rs.84.60

Selling         Rs.84.65

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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     11.05     11.25       11.10       11.30       11.18

1-Week        11.50     12.10       12.10       12.25       11.99

2-Week        11.60     12.40       12.50       12.60       12.28

1-Month       11.75     12.60       12.65       12.75       12.44

2-Months      12.40     13.00       13.00       13.10       12.88

3-Months      12.90     13.10       13.10       13.20       13.08

4-Months      13.00     13.25       13.30       13.35       13.23

5-Months      13.20     13.35       13.35       13.40       13.33

6-Months      13.35     13.50       13.45       13.55       13.46

9-Months      13.40     13.60       13.50       13.65       13.54

1-Year        13.45     13.60       13.55       13.65       13.56

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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     11.05     11.25       11.10       11.35       11.19

1-Week        11.90     12.15       12.25       12.30       12.15

2-Week        12.20     12.50       12.55       12.75       12.50

1-Month       12.50     12.85       12.80       12.95       12.78

2-Months      12.90     13.10       13.10       13.25       13.09

3-Months      13.10     13.30       13.30       13.40       13.28

4-Months      13.25     13.50       13.40       13.60       13.44

5-Months      13.40     13.60       13.45       13.65       13.53

6-Months      13.45     13.65       13.55       13.75       13.60

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 gained five paisa against dollar at Lahore currency market on Wednesday.
According to dealers, the dollar declined to Rs 84.40 and Rs 84.60 as buying and selling rates against overnight Rs 84.45 and Rs 84.65, respectively.
On the contrary, the rupee lost its worth against British pound. The pound was purchased and sold at Rs 139.00 and Rs 140.00 as compared to Tuesday's Rs 138.80 and Rs 140.20 for buying and selling respectively, dealers said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar remained unchanged against rupee at the currency markets of Islamabad and Rawalpindi on Wednesday.
The dollar resumed trading at Rs 84.70 (buying) and Rs 85.20 (selling) against same last rates. It did not observe further change in the evening session and closed at Rs 84.70 (buying) and Rs 85.20 (selling).
Pound sterling opened at Rs 136.15 (buying) and Rs 137.15 (selling) against same previous rates. It did not witness any change in the evening session and closed at Rs 136.15 (buying) and Rs 137.15 (selling).
Copyright Business Recorder, 2011