THE RUPEE: dollar shoots up

The rupee performed on both sides versus dollar on the currency market on Wednesday in process of trading, dealers said. The rupee was firm against the dollar as it retained overnight for buying and selling at 87.71 and 87.76, they said.
INTERBANK MARKET RATES: In the third Asian trade dollar fell close to a record low against yen on Wednesday, pressured by Japanese exporters and stop-loss selling, but later pared losses in choppy trade as traders grew wary of possible yen-selling intervention. The dollar dipped to as low as about 76.11 yen at one point on trading platform EBS, nearing a post-World War Two record low of 75.941 yen hit in August.
Strong selling by Japanese exporters into the 0100 GMT Tokyo fix helped trigger stop-loss selling below the previous day's low near 76.35 yen and later below 76.20 yen, and dragged the greenback lower, traders said. Shortly after hitting its intraday low, the dollar spiked up from around 76.20 yen or so to an intraday high of 76.86 yen in a matter of seconds.
The dollar was trading against the Indian rupee at Rs 48.05, the greenback was available at 3.1120 versus the Malaysian ringgit and the US currency was at 6.378 in terms of the Chinese yuan.
OPEN MARKET RATES: The rupee drifted lower versus the US currency, losing 30 paisa for buying and selling at 88.70 and 88.90, they added. The rupee also fell versus euro, sliding 14 paisa for buying and selling at Rs 121.24 and Rs 121.74, 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 Wednesday.

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Buying          Rs.87.71

Selling         Rs.87.76

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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    11.25      13.15      11.50       13.25        12.29

1-Week       13.15      13.25      13.25       13.30        13.24

2-Week       13.15      13.25      13.30       13.35        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     13.10      13.30      13.25       13.35        13.25

6-Months     13.10      13.30      13.25       13.35        13.25

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    11.25      13.15      11.50       13.25        12.29

1-Week       13.15      13.30      13.30       13.35        13.28

2-Week       13.15      13.30      13.30       13.35        13.28

1-Month      13.15      13.25      13.25       13.30        13.24

2-Months     13.10      13.25      13.30       13.35        13.25

3-Months     13.10      13.30      13.30       13.35        13.26

4-Months     13.10      13.30      13.30       13.35        13.26

5-Months     13.15      13.35      13.35       13.40        13.31

6-Months     13.15      13.35      13.35       13.45        13.33

9-Months     13.20      13.40      13.40       13.50        13.38

1-Year       13.25      13.50      13.40       13.60        13.44

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RUPEE IN LAHORE: The rupee declined by 20 paisa against dollar in Lahore currency market on Wednesday.
According to dealers, the dollar buying and selling rates improved to Rs 88.70 and Rs 89.00 against overnight Rs 88.50 and Rs 88.80, respectively.
The rupee lost 10 paisa on buying side and remained unchanged on selling side in relation to pound sterling. The pound was purchased and sold at Rs 139.90 and Rs 140.50 against the Tuesday closing of Rs 139.80 and Rs 140.50, respectively, dealers said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee remained firm against dollar at the currency markets of Islamabad and Rawalpindi on Wednesday.
The dollar resumed trading at Rs 87.20 (buying) and Rs 87.35 (selling) against same last rates. It did not observe further change in the second session and closed at Rs 87.20 (buying) and Rs 87.35 (selling).
Pound serling opened at Rs 138.45 (buying) and Rs 138.60 (selling) against same previous rates. It did not observe further change in the evening session and closed at Rs 138.45 (buying) and Rs 138.60 (selling).
Copyright Business Recorder, 2011