THE RUPEE: dollar falls

The rupee managed to recover most of the ground against dollar on the currency market on Monday, experts said. Supply of dollars improved which helped the rupee to look ahead, gaining 51 paisa versus the US currency for buying at 85.84 and posted a rise of 52 paisa for selling at 85.88, they said.
INTERBANK MARKET RATES: In the first Asian trade euro slid to a two-month low against dollar and hit a record low against Swiss franc, hurt by ongoing worries about the potential for debt restructuring by Greece, with market positioning pointing to the chances of a further drop. The euro came under renewed selling pressure after its fragility was highlighted late last week when ratings agency Fitch downgraded Greece, and Norway said it was suspending a grant payment to the country.
The euro's drop gained steam after triggering stop-loss selling below 1.24 against the Swiss franc. The euro took out an option barrier at 1.2350 francs and hit a record low of 1.2345 francs on trading platform EBS. It was last down 0.4 percent on the day at 1.2378 francs.
Interbank buy/sell rates for taka against dollar on Monday: 73.25/73.34 (previous 73.27/73.29) Call Money Rates: 6.5-12.00 percent (previous 6.5-12.00 percent).
Indian rupee was trading at 44.97 in terms of dollar, Malaysian ringgit was at 3.0380 in relation to the greenback and Chinese yuan was available at 6.4970 in terms of the US currency.
OPEN MARKET RATES: The rupee picked up Re.1 in relation to the dollar for buying and for selling at 86.30 and 86.50, they added. The rupee also recovered its lost ground versus euro, rising by Rs 2.27 for buying at Rs 120.24 and it rose by Rs 2.36 for selling at Rs 120.74, they said.

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Open Buying     Rs 86.30

Open Selling    Rs.86.50

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

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Buying          Rs.85.84

Selling         Rs.85.88

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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    12.75      13.60       13.00       13.75       13.28

1-Week       12.50      13.30       13.25       13.35       13.10

2-Week       12.75      13.25       13.25       13.35       13.15

1-Month      12.75      13.20       13.15       13.30       13.10

2-Months     12.80      13.20       13.20       13.30       13.13

3-Months     12.90      13.20       13.20       13.30       13.15

4-Months     12.90      13.25       13.20       13.30       13.16

5-Months     13.00      13.35       13.30       13.40       13.26

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    12.75      13.60       13.00       13.75       13.28

1-Week       12.60      13.40       13.30       13.50       13.20

2-Week       12.80      13.35       13.30       13.45       13.23

1-Month      12.90      13.30       13.30       13.40       13.23

2-Months     12.90      13.35       13.25       13.40       13.23

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 rupee recovered some of its last week loss and gained 80-paisa on buying side and 60-paisa on selling side in relation to the greenback in the open currency market on Monday.
According to the currency dealers, the dollar opened on a negative note and remained under selling pressure. As a result, the dollar was declined and closed at Rs 86.20 and Rs 87.20 as its buying and selling rates against the last Saturday closing of Rs 87.00 and Rs 87.80, respectively.
Similarly, the rupee showed strength and appreciated its worth against the pound sterling. The pound's buying and selling rates were decreased from previous closing of Rs 141.00 and Rs 142.00 to Rs 139.50 and Rs 140.50, respectively, the dealers added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar remained unchanged against rupee at the currency markets of Islamabad and Rawalpindi on Monday.
The dollar resumed trading at Rs 84.50 (buying) and Rs 85.10 (selling) against same last rates. 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 same previous rates. 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