THE RUPEE: dollar, euro fall further

The rupee managed to hold the overnight firmness against dollar and euro on the currency market on Friday, experts said. The rupee picked up seven paisa versus dollar for buying and selling at 85.63 and 85.67 despite the higher demand for the US currency, they said.
INTERBANK MARKET RATES: In final Asian trade euro struggled to regain its footing on Friday although it held above one-week lows as worries about the euro-zone's debt problems overwhelmed any support from a likely interest rate rise by the European Central Bank next month. Market participants shifted their focus back to debt problems in Greece and other euro-zone countries, using that as an excuse to unwind long euro positions built up over the last three weeks, when the currency climbed back from a two-month low below $1.4000 hit on May 23.
ECB President Jean-Claude Trichet signalled that the benchmark refinancing rate, now at 1.25 percent, would rise next month. But markets expected as much and had already priced in the prospect of a July rate hike.
The yuan closed down slightly versus dollar on Friday, consolidating its recent gains, as the People's Bank of China fixed the mid-point a shade weaker for the second day after letting it hit a slew of record highs recently.
Indian rupee was trading at Rs 44.73 in relation to dollar and Malaysian ringgit was at 3.0150 in terms of the greenback.
OPEN MARKET RATES: The rupee extend overnight gains, rising 15 paisa in relation to dollar for buying and selling at 85.65 and 85.85, they added. The rupee also gained Rs 1.35 against the euro for buying at Rs 123.59 and Rs 124.09, they said.

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Open Buying     Rs 85.63

Open Selling    Rs 85.67

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

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Buying          Rs 85.65

Selling         Rs 85.85

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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     12.00      12.75      12.25       13.00       12.50

1-Week        12.25      13.00      12.75       13.10       12.78

2-Week        12.50      13.00      12.90       13.10       12.88

1-Month       12.75      13.05      13.10       13.20       13.03

2-Months      12.80      13.20      13.20       13.30       13.13

3-Months      12.90      13.30      13.25       13.35       13.20

4-Months      13.00      13.35      13.30       13.40       13.26

5-Months      13.10      13.35      13.35       13.40       13.30

6-Months      13.25      13.45      13.40       13.50       13.40

9-Months      13.30      13.60      13.60       13.70       13.55

1-Year        13.40      13.65      13.65       13.75       13.61

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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     12.00      12.75      12.25       13.00       12.50

1-Week        12.40      13.00      12.80       13.10       12.83

2-Week        12.50      13.05      13.00       13.15       12.93

1-Month       12.90      13.25      13.25       13.30       13.18

2-Months      12.95      13.30      13.25       13.35       13.21

3-Months      13.10      13.35      13.30       13.40       13.29

4-Months      13.10      13.35      13.30       13.40       13.29

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 failed to continue upward trend and marginally declined by five-paisa in relation to the greenback in the local currency market on Friday.
According to the currency dealers, the dollar witnessed fresh demand that helped its appreciation in the open market. The dollar was closed at Rs 85.75 and Rs 85.95, as its buying and selling rates against Rs 85.70 and Rs 85.90 of Thursday, respectively.
On the contrary, the rupee showed strength and improved its worth against the British pound. The pound's buying and selling rates were declined from overnight closing of Rs 140.70 and Rs 141.50 to Rs 140.20 and Rs 140.80, respectively, the dealers said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar remained firm against the rupee at the open currency markets of Islamabad and Rawalpindi here on Friday.
The dollar resumed trading at Rs 85.60 (buying) and Rs 85.80 (selling) against the 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 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