THE RUPEE: dollar moves both ways

The rupee moved both ways on the currency market on Wednesday in process of trading, experts said. The rupee shed four paisa in relation to the dollar for buying at 85.64 and depreciated by three paisa for selling at 85.68, they said.
INTERBANK MARKET RATES: In the third Asian trade euro fell, pressured by selling by hedge funds and stop-loss offers as worries over Greece's finances cast a pall over the single currency, bringing it closer to testing crucial support levels on charts. Speculative selling of euro intensified as rumours swirled about Greece and investors trimmed risky positions, with a drop in US stock index futures and oil adding to pressure on euro.
Traders cited rumours that Greece may call a snap election, as well as a rumour that Greek Prime Minister George Papandreou may resign, as factors that dragged euro lower. The yuan rose against dollar on Wednesday after the People's Bank of China set the mid-point only a pip away from a record high, reflecting its intention to start a new round of appreciation, traders said.
Interbank buy/sell rates for taka against dollar on Wednesday: 73.25/73.39 (previous 73.25/73.39) Call Money Rates: 8.00-12.00 percent (previous 8.00-12.00 percent). Indian rupee was trading at Rs 45.37 versus dollar and Malaysian ringgit was available at 3.065 in terms of the greenback.
OPEN MARKET RATES: Against the interbank market, the rupee managed to recover 10 paisa in terms of the US currency for buying and selling at 85.80 and 86.00, they added. The rupee also gained 36 paisa in relation to euro for buying and selling at Rs 120.28 and Rs 120.78, they said.

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Open Buying     Rs 85.64

Open Selling    Rs 85.68

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

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Buying          Rs 85.80

Selling         Rs 86.00

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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     13.00     13.60       13.25       13.75       13.40

1-Week        12.50     13.25       13.25       13.30       13.08

2-Week        12.75     13.15       13.20       13.25       13.09

1-Month       12.75     13.15       13.15       13.25       13.08

2-Months      12.80     13.20       13.20       13.30       13.13

3-Months      12.90     13.20       13.25       13.30       13.16

4-Months      12.90     13.25       13.25       13.30       13.18

5-Months      13.00     13.35       13.35       13.40       13.28

6-Months      13.20     13.40       13.35       13.50       13.36

9-Months      13.25     13.50       13.50       13.60       13.46

1-Year        13.40     13.60       13.55       13.70       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     13.00     13.65       13.25       13.75       13.41

1-Week        12.60     13.30       13.25       13.35       13.13

2-Week        12.80     13.25       13.25       13.30       13.15

1-Month       12.90     13.25       13.25       13.35       13.19

2-Months      12.90     13.30       13.25       13.35       13.20

3-Months      13.10     13.40       13.30       13.45       13.31

4-Months      13.10     13.40       13.35       13.50       13.34

5-Months      13.25     13.50       13.40       13.60       13.44

6-Months      13.30     13.60       13.45       13.65       13.50

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 Pak rupee showed stability and remained unchanged on buying side, while it gained 30-paisa on selling side in relation to the greenback in the local currency market on Wednesday.
According to the currency dealers, the dollar remained under pressure and could not sustain in the absence of buying support. At the end of trading, the dollar was closed at Rs 85.80 and Rs 86.20 on buying and selling side against the day earlier closing of Rs 85.80 and Rs 86.50, respectively.
However, the rupee failed to maintain upward slide and was depreciated against the pound sterling. The pound's buying and selling rates were increased from Tuesday closing of Rs 139.20 and Rs 140.00 to Rs 139.60 and Rs 140.00, respectively, the dealers added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar remained unchanged against the rupee at the open currency markets of Islamabad and Rawalpindi here on Wednesday.
The dollar resumed trading at Rs 84.50 (buying) and Rs 85.10 (selling) against the last rate. It did not observe further change in the evening session and closed at Rs 84.50 (buying) and Rs 85.10 (selling).
Pound Sterling opened at Rs 136.50 (buying) and Rs 137.60 (selling) against the previous rate. It did not witness any change in the evening session and closed at Rs 136.50 (buying) and Rs 137.60 (selling).
Copyright Business Recorder, 2011