THE RUPEE: all-round gains

All-round gains were seen on the currency market on Monday as the rupee recovered versus dollar and euro, dealers said. The rupee continued its appreciation in relation to dollar, gaining 10 paisa for buying at 87.67 and by 11 paisa for selling at 87.72, they said.
INTERBANK MARKET RATES: In the first Asian trade euro got off to a rocky start, with its weakness gathering pace after a series of political setbacks in Europe over the weekend prompted a flight to safety. The euro lost about one percent on the day to $1.3666 and fell 0.7 percent to 105.12 yen as investors reacted badly to an unproductive European Union meeting in Poland.
A cancellation of a visit by Greek Prime Minister George Papandreou to the United States to chair an emergency meeting and a regional election defeat for Germany's chancellor Angela Merkel added fuel to an already tense euro. Inter bank buy/sell rates for taka against dollar on Monday: 74.92-75.15 (previous 75.09-75.10) Call Money Rates: 6.50-10.00 percent (previous 5.00-9.50 percent).
The yuan closed slightly lower against dollar on Monday after the central bank set the mid-point a bit weaker, in line with a strengthening in the US currency, continuing a stall against dollar that started at the beginning of this month.
OPEN MARKET RATES: The rupee tracked the interbank direction, picking 20 paisa versus US currency for buying and selling at 88.40 and 88.60, they added. The rupee also gained Rs 1.42 in terms of euro for buying and selling at Rs 120.44 and Rs and Rs 120.94, they said.

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Open Buying     Rs 88.40

Open Selling    Rs.88.60

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

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Buying          Rs.87.67

Selling         Rs.87.72

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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      13.40      13.10       13.40        13.23

1-Week       13.15      13.30      13.30       13.30        13.26

2-Week       13.15      13.30      13.30       13.30        13.26

1-Month      13.00      13.20      13.25       13.30        13.19

2-Months     13.00      13.20      13.25       13.30        13.19

3-Months     13.00      13.25      13.25       13.35        13.21

4-Months     13.00      13.25      13.25       13.35        13.21

5-Months     13.00      13.25      13.25       13.30        13.20

6-Months     13.05      13.20      13.25       13.30        13.20

9-Months     13.15      13.30      13.35       13.40        13.30

1-Year       13.20      13.35      13.35       13.40        13.33

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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      13.40      13.10       13.45        13.24

1-Week       13.15      13.35      13.30       13.40        13.30

2-Week       13.15      13.30      13.30       13.35        13.28

1-Month      13.05      13.25      13.25       13.30        13.21

2-Months     13.05      13.25      13.30       13.35        13.24

3-Months     13.05      13.25      13.30       13.35        13.24

4-Months     13.10      13.30      13.30       13.35        13.26

5-Months     13.10      13.35      13.30       13.40        13.29

6-Months     13.10      13.35      13.35       13.40        13.30

9-Months     13.15      13.35      13.40       13.45        13.34

1-Year       13.20      13.45      13.40       13.50        13.39

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RUPEE IN LAHORE: The Pak rupee was opened on a positive note and gained 10-paisa on buying side and 20-paisa on selling side against the US dollar in the local currency market on Monday.
According to the currency dealers, the dollar resumed trading at its last week closing of Rs 88.40 and Rs 88.80 as its buying and selling rates, respectively. In the absence of buying support, the dollar could not sustain and declined to Rs 88.30 and Rs 88.60 on buying and selling counters, respectively.
Similarly, the rupee showed strength and was appreciated against the pound sterling. The pound's buying and selling rates were declined from last Saturday closing of Rs 140.30 and Rs 140.80 to Rs 139.30 and Rs 140.00, respectively, the dealers added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee remained firm against dollar at the currency markets of Islamabad and Rawalpindi on Monday.
The dollar resumed trading at Rs 87.10 (buying) and Rs 87.35 (selling) against same last rates. It did not observe further change in the second session and closed at Rs 87.10 (buying) and Rs 87.35 (selling).
Pound sterling opened at Rs 138.45 (buying) and Rs 138.55 (selling) against same previous rates. It did not observe further change in the evening session and closed at Rs 138.45 (buying) and Rs 138.55 (selling).
Copyright Business Recorder, 2011