THE RUPEE: dollar crosses Rs 86 mark

Increasing demand for dollars by importers, pushed the rupee lower on the currency market on Friday, dealers said. The rupee shed five paisa in relation to dollar for buying at 85.98 and it also slipped by seven paisa for selling at 86.02 in process of trading, they said.
INTERBANK MARKET RATES: In the final Asian trade dollar steadied in Asia on Friday after the impact from a Standard and Poor's warning that it could cut US credit ratings was short-lived, and investors bought back the US currency as they shifted their focus to stress tests on European banks.
The ratings agency warned there was a one-in-two chance it could cut US ratings if no deal was reached on raising the government's debt ceiling. The dollar briefly came under selling pressure, but the impact was short-lived, perhaps because Moody's had already raised the possibility of a downgrade. Dealers said the market might also be hoping that the pressure from the agencies would jolt US lawmakers into doing a deal.
The yuan closed down slightly versus dollar on Friday as the People's Bank of China pulled the yuan's mid-point back from a record high, suggesting the authorities may temper the currency's pace of appreciation, traders said. Indian rupee was trading at Rs 44.50 versus dollar and Malaysian ringgit was at 3.0025 in terms of the US currency.
OPEN MARKET RATES: The rupee inched down in relation to dollar, falling five paisa for buying and selling at 86.05 and 86.25, they added. The rupee, however, appreciated against euro, gaining 64 paisa for buying at Rs 121.56 and picking up 94 paisa for selling at Rs 122.06, they said.

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Open Buying     Rs 85.98

Open Selling    Rs 86.02

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

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Buying          Rs 86.05

Selling         Rs 86.25

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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     13.50      13.00       13.75       13.25

1-Week         12.90     13.45      13.40       13.50       13.31

2-Week         13.00     13.40      13.40       13.45       13.31

1-Month        13.00     13.35      13.40       13.45       13.30

2-Months       13.10     13.35      13.40       13.45       13.33

3-Months       13.15     13.35      13.40       13.45       13.34

4-Months       13.15     13.40      13.40       13.50       13.36

5-Months       13.20     13.45      13.45       13.55       13.41

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      12.75     13.50      13.00       13.75       13.25

1-Week         13.00     13.45      13.40       13.50       13.34

2-Week         13.10     13.45      13.45       13.50       13.38

1-Month        13.15     13.40      13.40       13.45       13.35

2-Months       13.15     13.45      13.40       13.50       13.38

3-Months       13.20     13.50      13.45       13.60       13.44

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-dollar parity remained unchanged amid low trading at Lahore currency market on Friday.
According to dealers, dollar commenced trading at overnight Rs 85.90 and Rs 86.10 as buying and selling rates, respectively, and closed at the same levels.
The pound was purchased and sold at Rs 137.80 and Rs 138.60 as compared to overnight Rs 138.20 and Rs 139.00 respectively, 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 Friday.
The dollar opened at Rs 86.00 (buying) and Rs 86.25 (selling) against same overnight value. It did not observe further change in the second session and closed at Rs 86.00 (buying) and Rs 86.25 (selling).
Pound Sterling opened at Rs 138.30 (buying) and Rs 138.45 (selling) against same overnight value. It did not observe further change in the evening session and closed at Rs 138.30 (buying) and Rs 138.45 (selling).
Copyright Business Recorder, 2011