THE RUPEE: all round fall in currency market

Sliding trend was seen in the currency market on Tuesday as the rupee fell against both the US currency and euro, dealers said. In the interbank market, the rupee shed three paisa in terms of dollar for buying at Rs 60.36 and slid two paisa for selling at Rs 60.40, respectively.
Increased dollar demand pushed the rupee down against the greenback. The rupee may recover its lost ground if the supply improves in th coming days, money experts said. In the world market, dollar matched a 26-year low versus sterling and hung near a record low against euro as investors confident that US rates will remain steady flocked to currencies whose rates are expected to continue climbing.
Traders also sold dollar ahead of an upcoming US national holiday on concerns that the United States may be a target following an attack on Glasgow airport and foiled attempts to detonate car bombs in London late last week.
OPEN MARKET RATES: The rupee dropped five paisa at Rs 60.90 versus dollar at Rs 60.99 for buying and shedding four paisa for selling, they said. The rupee was also down sharply against the euro, losing 58 paisa for buying and selling at Rs 82.33 and Rs 82.43, respectively.

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KERB BUYING             Rs 60.90

KERB SELLING            Rs 60.99

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INTERBANK CLOSING RATES: Interbank closing rates for dollar on Tuesday.

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Buying                Rs 60.39

Selling               Rs 60.40

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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   8.10       9.40       8.30        9.40           8.80

1-Week      8.65       8.90       8.75        9.00           8.83

2-Weeks     8.65       8.90       8.75        9.00           8.83

1-Month     8.70       8.80       8.75        8.90           8.79

2-Months    8.70       8.90       8.80        9.00           8.85

3-Months    8.75       8.90       8.85        9.00           8.88

4-Months    8.80       9.00       8.85        9.05           8.93

5-Months    8.85       9.00       8.95        9.10           8.98

6-Months    8.85       9.10       8.95        9.10           9.00

9-Months    8.90       9.10       9.00        9.15           9.04

1-Year      8.90       9.10       9.10        9.25           9.09

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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   8.25       9.40       8.50        9.50           8.91

1-Week      8.90       9.25       9.10        9.40           9.16

2-Weeks     8.90       9.25       9.10        9.40           9.16

1-Month     9.00       9.25       9.10        9.50           9.21

2-Months    9.25       9.50       9.40        9.70           9.46

3-Months    9.25       9.60       9.40        9.75           9.50

4-Months    9.40       9.75       9.65        9.90           9.68

5-Months    9.50       9.75       9.75       10.00           9.75

6-Months    9.75      10.00      10.00       10.25          10.00

9-Months   10.00      10.25      10.25       10.50          10.25

1-Year     10.00      10.50      10.25       10.75          10.38

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RUPEE IN LAHORE: The Pak rupee recovered its earlier loss and appreciated its worth by 20-paisa in relation to the greenback in the local currency markets on Tuesday.
According to the currency dealers, the dollar's trading commenced at Rs 61.00 and Rs 61.10 as its buying and selling rates, respectively. As a result of selling pressure, the dollar could not sustain and started declining. At the end of trading, the dollar moved down to Rs 60.90 and Rs 61.00 on buying and selling counters, respectively, the dealers added.
On the contrary, the local currency could not maintain upward slide and depreciated its worth against the pound sterling. The pound's buying rate improved from overnight closing rate of Rs 121.00 to Rs 121.50 while selling rate moved up from Rs 121.60 to Rs 121.80, the dealers added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee remained firm against the dollar at the open currency markets of Islamabad and Rawalpindi on Tuesday.
The dollar opened at Rs 60.90 (buying) and Rs 61 (selling) against same overnight value. It did not observe any change in the second session and closed at Rs 60.90 (buying) and Rs 61 (selling).
British pound resumed trading at Rs 120 (buying) and Rs 120.20 (selling) against same previous rate. It did not witness any change in the evening session and closed at Rs 120 (buying) and Rs 120.20 (selling).
Copyright Business Recorder, 2007