THE RUPEE: dollar under pressure

The dollar was under pressure against the rupee on both the interbank and open market on Wednesday, dealers said. The dollar failed to come out of the woods as the rupee extended its overnight gains, rising by 10 paisa for buying at 85.15 and rising by eight paisa for selling at 85.21, they added.
INTERBANK MARKET RATES: Improvement in dollars' supply supported the rupee to hold its overnight firmness and it is most likely that the it may be able to keep it's level in the near future, they added. In the third Asian session dollar eased and the Swiss franc stayed under pressure as markets took China's latest interest rate hike in their stride, a move that helped the Australian dollar hold well above parity against the greenback.
Investors quickly regained composure after China late on Tuesday delivered a 25 basis-point rate hike, the second rate increase in little more than six weeks and on the final day of the Lunar New Year holidays.
The rupee eased on Wednesday after touching near-one-month-highs in the previous session as volatile domestic shares provided little support and dollar demand from oil importers further weighed on the local unit.
At 10:23 am (O453 GMT), the partially convertible rupee was at 45.32/33 per dollar, against its previous close of 45.29/30. It fell to 45.37 per dollar in early deals.
OPEN MARKET RATES: The rupee strengthened in terms of dollar, picking up 20 paisa for buying and selling at 85.40 and 85.55, they added. The rupee, however, depreciated against euro, losing 30 paisa for buying and selling at Rs 116.05 and Rs 116.55, they said.

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Open Buying      Rs 85.40

Open Selling     Rs.85.55

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

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Buying           Rs.85.15

Selling          Rs.85.21

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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    11.10       11.60       11.25       11.75      11.43

1-Week       11.50       12.55       12.50       12.65      12.30

2-Week       11.60       12.75       12.65       12.80      12.45

1-Month      11.85       12.80       12.80       12.90      12.59

2-Months     12.40       13.15       13.15       13.25      12.99

3-Months     12.90       13.25       13.20       13.30      13.16

4-Months     13.00       13.30       13.25       13.35      13.23

5-Months     13.20       13.45       13.40       13.50      13.39

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    11.10       11.75       11.25       12.00      11.53

1-Week       12.00       12.65       12.65       12.80      12.53

2-Week       12.25       12.85       12.80       12.95      12.71

1-Month      12.40       12.95       12.90       13.10      12.84

2-Months     12.75       13.30       13.25       13.35      13.16

3-Months     13.00       13.40       13.30       13.50      13.30

4-Months     13.10       13.65       13.45       13.75      13.49

5-Months     13.20       13.70       13.50       13.75      13.54

6-Months     13.30       13.75       13.65       13.90      13.65

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 Pak rupee showed strength and gained 10-paisa on buying side (Rs 85.50), while it remained unchanged on selling side (Rs 85.80) against the dollar in the local currency market on Thursday.
According to currency dealers, the sufficient dollar supply helped local currency appreciation in the open market. The dollar was purchased and sold at Rs 85.50 and Rs 85.80, as compared to overnight closing of Rs 85.60 and Rs 85.80, respectively, the dealers added.
Similarly, the pound sterling remained under pressure and lost 20 paisa on buying counter (Rs 136.70) and 50-paisa on selling counter (Rs 137.50). The pound sterling was declined to Rs 136.70 and Rs 137.50 against the last day closing of Rs 137.50 and Rs 138.00, respectively, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar-rupee parity remained unchanged at the currency exchange establishments of Islamabad and Rawalpindi here on Wednesday.
The dollar opened at Rs 85.95 (buying) and Rs 86.15 (selling) against the same last rate. It did not observe further change in the evening session and closed at Rs 85.95 (buying) and Rs 86.15 (selling).
Pound Sterling opened at Rs 136.30 (buying) and Rs 136.70 (selling) against the 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