THE RUPEE: dollar drift lower

Firmness prevailed on the currency market on Wednesday as the rupee managed to recover some ground versus the dollar, money experts said. The rupee gained 11 paisa versus the dollar for buying at 84.41 and it also rose by 12 paisa for selling at 84.46, they said.
INTERBANK MARKET RATES: In the third Asian trade, the euro and commodity currencies such as the Australian dollar rebounded, as investors bought them again after a mild shake-out of stretched long positions at the start of the week.
Gains in US and European shares on upbeat corporate results helped soothe market sentiment after nerves were rattled on Monday by S&P's warning on US credit ratings and on fears that Greece will have to restructure its debt. While those problems remain unresolved, the moves showed investors continue to favour higher-yielding currencies at the expense of the dollar and yen, and a rise in Asian equities underscored a rebound in risk-taking sentiment. "The fact that there was little emotional reaction after the S&P move perhaps helped to improve investors' sentiment towards risk," said Makoto Noji, senior strategist at SMBC Nikko Securities in Tokyo.
Interbank buy/sell rates for the taka against the dollar on Wednesday.
72.75/72.83 (previous 72.78/72.86). Call Money Rates: 6.00-12.00 percent (previous 6.00-12.00 percent). Indian rupee was trading at Rs 44.48 versus the dollar, Malaysian ringgit was at 3.0170 against the greenback and Chinese yuan was trading at 6.5264 in relation to the US currency.
OPEN MARKET RATES: The rupee recovered five paisa in terms of the dollar for buying at 84.40 while it retained its selling at 84.60, they added. The rupee, however, lost it firmness versus the euro, falling Rs 1.75 for buying and selling at Rs 121.80 and 122.30, they said.

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Open Buying     Rs 84.40

Open Selling    Rs 84.60

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

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Buying          Rs.84.41

Selling         Rs.84.46

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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     13.90      13.50       13.90        13.58

1-Week        11.50     13.10      13.00       13.15        12.69

2-Week        11.60     13.00      13.05       13.10        12.69

1-Month       11.90     13.10      13.10       13.15        12.81

2-Months      12.40     13.20      13.20       13.25        13.01

3-Months      12.90     13.20      13.25       13.30        13.16

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     13.00     13.90      13.50       13.95        13.59

1-Week        12.25     13.15      13.10       13.20        12.93

2-Week        12.40     13.05      13.00       13.15        12.90

1-Month       12.70     13.15      13.10       13.25        13.05

2-Months      13.00     13.25      13.25       13.35        13.21

3-Months      13.10     13.35      13.30       13.45        13.30

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-dollar parity remained unchanged amid low trading at Lahore currency market on Wednesday.
According to dealers, the dollar was traded at Rs 84.40 and Rs 84.60 as its buying and selling rates, respectively.
However, pound's buying and selling rates improved from overnight Rs 137.00 and Rs 137.50 to Rs 137.50 and Rs 138.00, respectively, dealers said.
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 85.10 (buying) and Rs 85.45 (selling) against the last rate. It did not observe further change in the evening session and closed at Rs 85.10 (buying) and Rs 85.45 (selling).
Pound Sterling opened at Rs 136.35 (buying) and Rs 137.55 (selling) against the previous rate. It did not witness any change in the evening session and closed at Rs 136.35 (buying) and Rs 137.55 (selling).
Copyright Business Recorder, 2011