THE RUPEE: all-round slides

All-round decline was seen on the currency market on Wednesday as the rupee failed to retain its overnight gains versus dollar and euro, dealers said. The rupee depreciated in terms of dollar, losing nine paisa for buying at 86.69 and shed 10 paisa for selling at 86.74, they said.
INTERBANK MARKET RATES: In the third Asian trade euro rose as short covering and buying by macro funds kicked in following a steep fall in the dollar versus some Asian currencies after Japan and South Korea agreed to bolster their currency swap arrangements in a bid to help ease market tension.
A more than five-fold expansion of the swap arrangements will lift the amount of foreign currency that South Korea can immediately mobilise in case of emergency to more than $370 billion. The decision prompted unloading of dollar by offshore funds, which spilled over into other dollar/Asia pairs with the euro and Australian dollar also gaining against the greenback.
The yuan closed slightly higher versus dollar on Wednesday after the People's Bank of China set its mid-point marginally stronger. Interbank buy/sell rates for the taka against dollar on Wednesday: 75.90-75.95 (previous 75.86-75.89) Call Money Rates: 8.00-15.00 percent (previous 7.25-12.00 percent).
OPEN MARKET RATES: The rupee fell against dollar, sliding 30 paisa for buying at 87.10 and lost 10 paisa for selling at 87.40, they added. The rupee followed the same trend versus euro, falling Rs 1.73 for buying and selling at Rs 120.13 and Rs 120.63, they said.

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Open Buying     Rs 87.10

Open Selling    Rs.87.40

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Open Market Rates: Open Market Rates For Dollar on Wednesday.

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Buying          Rs.86.69

Selling         Rs.86.74

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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     11.90     11.90       11.90       11.90       11.90

1-Week        11.80     11.85       11.90       11.90       11.86

2-Week        11.80     11.90       11.90       11.95       11.89

1-Month       11.80     11.90       11.90       11.95       11.89

2-Months      11.75     11.85       11.85       11.90       11.84

3-Months      11.75     11.85       11.85       11.90       11.84

4-Months      11.70     11.80       11.85       11.90       11.81

5-Months      11.65     11.80       11.80       11.85       11.78

6-Months      11.65     11.75       11.80       11.85       11.76

9-Months      11.70     11.80       11.80       11.90       11.80

1-Year        11.75     11.85       11.85       11.90       11.84

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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     11.90     11.90       11.90       11.95       11.91

1-Week        11.85     11.95       11.95       12.10       11.96

2-Week        11.85     11.95       11.95       12.10       11.96

1-Month       11.85     11.95       11.90       12.10       11.95

2-Months      11.85     11.90       11.90       12.00       11.91

3-Months      11.80     11.95       11.90       12.00       11.91

4-Months      11.80     11.95       11.90       12.00       11.91

5-Months      11.80     11.90       11.90       12.00       11.90

6-Months      11.85     11.95       11.95       12.00       11.94

9-Months      11.90     12.10       12.10       12.25       12.09

1-Year        11.90     12.15       12.10       12.25       12.10

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RUPEE IN LAHORE: The rupee failed to maintain rising trend on Wednesday and remained under pressure against the US dollar in the local currency market on Wednesday.
According to the currency dealers, the dollar regained its day earlier loss was ended higher amid fresh buying. The dollar was traded at Rs 87.30 and Rs 87.70 as its buying and selling rates compared with overnight closing of Rs 86.70 and Rs 87.30, respectively.
Likewise, the rupee remained weak and lost its worth against the pound sterling. The pound's buying and selling rates were increased to Rs 137.30 and Rs 138.00 against the Tuesday closing of Rs 136.50 and Rs 137.50, respectively, the dealers said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee showed an improvement of 50 paisa against the dollar at the open currency markets of Islamabad and Rawalpindi here on Wednesday.
The dollar opened at Rs 87.50 (buying) and Rs 88 (selling) against last rate of Rs 88 (buying) and Rs 88.50 (selling). It did not observe further change in the second session and closed at Rs 87.50 (buying) and Rs 88 (selling).
Pound Sterling opened at Rs 137.80 (buying) and Rs 137.90 (selling) against same overnight value. It did not observe further change in the evening session and closed at Rs 137.80 (buying) and Rs 137.90 (selling).
Copyright Business Recorder, 2011