THE RUPEE: minor changes

Marginal changes were seen on the currency market on Thursday as the rupee managed to fluctuate slightly versus dollar, money experts said. The rupee moved both ways versus dollar as it gained two paisa for buying at 85.82, it however, shed one paisa for selling at 85.84, they said.
INTERBANK MARKET RATES: In the fourth Asian trade euro stabilised but remained vulnerable as worries about Europe's sovereign debt problems could take centre stage again after a widely expected interest rate hike by the European Central Bank later in the day. Concern that Greece's debt crisis would spread to other highly indebted peripheral euro zone countries flared up this week after Moody's slashed its rating for Portugal to junk status.
"Ireland could get downgraded to junk status too, which would hurt the euro. countries like Spain and Italy have relatively high ratings despite rises in their bond yields and they could face more downgrades," said Kimihiko Tomita, forex manager at State Street.
Yield spreads on Italian bonds over German bunds have soared in recent weeks and many traders say the euro's potential downside will look bigger if the ECB raises rates on Thursday. Interbank buy/sell rates for taka against dollar on Thursday:74.35/74.37 (previous 74.27/74.31) Call Money Rates: 8.50-12.00 percent (previous 7.50-12.00 percent).
Indian rupee was trading at Rs 44.48 versus dollar, Malaysian ringgit was available at 3.0070 in terms of the greenback and Chinese yuan was at 6.4680 against dollar.
OPEN MARKET RATES: The rupee maintained the overnight levels for the third day in a row against the US currency for buying and selling at 86.00 and 86.20, they added. The rupee extended its appreciation in terms of euro, rising by 57 paisa for buying and selling at Rs 122.76 and Rs 123.26, they said.

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Open Buying     Rs 86.00

Open Selling    Rs.86.20

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

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Buying          Rs.85.82

Selling         Rs.85.84

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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     13.90     13.90      13.90       13.90        13.90

1-Week        12.75     13.40      13.35       13.45        13.24

2-Week        12.90     13.35      13.30       13.40        13.24

1-Month       13.00     13.35      13.30       13.40        13.26

2-Months      13.00     13.35      13.30       13.40        13.26

3-Months      13.10     13.35      13.35       13.45        13.31

4-Months      13.10     13.40      13.35       13.45        13.33

5-Months      13.15     13.40      13.40       13.50        13.36

6-Months      13.25     13.50      13.50       13.60        13.46

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     13.90     13.90      13.90       13.95        13.91

1-Week        13.00     13.45      13.40       13.50        13.34

2-Week        13.10     13.40      13.35       13.45        13.33

1-Month       13.15     13.40      13.35       13.45        13.34

2-Months      13.15     13.45      13.40       13.50        13.38

3-Months      13.15     13.50      13.45       13.60        13.43

4-Months      13.20     13.50      13.50       13.65        13.46

5-Months      13.25     13.55      13.50       13.65        13.49

6-Months      13.30     13.60      13.50       13.65        13.51

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 remained strong and gained 10-paisa against the US dollar in the local currency market on Thursday.
According to the currency dealers, the dollar commenced trading at its overnight closing of Rs 86.00 and Rs 86.20 as its buying and selling rates. In the absence of buying support, the dollar could not sustain and declined to Rs 85.90 and Rs 86.10 on buying and selling side, respectively.
Similarly, the rupee showed stability and remained unchanged on buying side while it gained strength on selling side in relation to the pound sterling. The pound was purchased and sold at Rs 137.80 and Rs 138.40 as compared to Wednesday closing of Rs 137.80 and Rs 138.60, respectively, the dealers said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee remained firm against the dollar at the open currency markets of Islamabad and Rawalpindi here on Thursday.
The dollar opened at Rs 86.00 (buying) and Rs 86.20 (selling) against same overnight value. It did not observe further change in the second session and closed at Rs 86.00 (buying) and Rs 86.20 (selling).
Pound Sterling opened at Rs 138.40 (buying) and Rs 138.50 (selling) against same overnight value. It did not observe further change in the evening session and closed at Rs 138.40 (buying) and Rs 138.50 (selling).
Copyright Business Recorder, 2011