THE RUPEE: dollar higher

The dollar showed its muscles against the rupee on the currency market on Monday due to strong demand by the importers to cover the forward buying, dealers said. The rupee fell versus dollar, losing 21 paisa for buying at 87.25 and shed 22 paisa for selling at 87.30, they said.
INTERBANK MARKET RATES: The dollar is up but it is likely that it may lose some ground in the near future, they said. Despite the higher demand for dollar, no major difference was seen between the interbank and open market rate, they said In the first Asian trade euro held steady after a short-squeeze rally late last week, with market players looking for more clarity on how Europe plans to stop the rapid erosion of confidence in its sovereign debt.
The euro was helped slightly by the dollar coming under mild pressure with a US congressional "super committee" expected to formally announce on Monday the failure of its three-month-long effort to forge a $1.2 trillion deficit reduction plan.
Still, many players remained nervous of holding euro, unsure how policymakers can bring down the borrowing costs of many euro-zone governments from current elevated levels. The euro drifted to $1.3513, down 0.1 percent from $1.3519 late in New York and well off Friday's peak of $1.3614. The dollar was trading against the Indian rupee at Rs 51.34, it was available at 3.1680 versus the Malaysian ringgit and the US currency was at 6.354 in terms of the Chinese yuan.
OPEN MARKET RATES: The rupee shed 20 paisa against dollar for buying at 87.15 and it also lost 25 paisa for selling at 87.30, they said. The rupee, however, inched up in terms of euro, gaining three paisa for buying and selling at Rs 117.29 and Rs 117.79, they said.

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Open Buying     Rs 87.15

Open Selling    Rs 87.30

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

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Buying          Rs.87.25

Selling         Rs.87.30

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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     11.60      11.90      11.80       11.90       11.80

1-Week        11.50      11.80      11.80       11.90       11.75

2-Week        11.60      11.75      11.75       11.80       11.73

1-Month       11.60      11.75      11.75       11.85       11.74

2-Months      11.65      11.75      11.75       11.85       11.75

3-Months      11.65      11.75      11.75       11.85       11.75

4-Months      11.65      11.75      11.75       11.85       11.75

5-Months      11.65      11.75      11.75       11.85       11.75

6-Months      11.65      11.80      11.80       11.85       11.78

9-Months      11.70      11.80      11.80       11.85       11.79

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     11.60      11.90      11.80       11.90       11.80

1-Week        11.60      11.80      11.80       11.80       11.75

2-Week        11.65      11.85      11.85       11.90       11.81

1-Month       11.70      11.85      11.85       12.00       11.85

2-Months      11.75      11.90      11.85       12.00       11.88

3-Months      11.80      11.90      11.90       11.95       11.89

4-Months      11.80      11.90      11.90       11.95       11.89

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      11.85      12.00      12.00       12.10       11.99

1-Year        11.90      12.00      12.10       12.15       12.04

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RUPEE IN LAHORE: The rupee lost 10 paisa on buying side and was unchanged on selling side against dollar on Lahore currency market on Monday.
According to dealers, the dollar resumed trading at overnight Rs 87.20 and Rs 87.60 as buying and selling rates, respectively, and rose to Rs 87.30 as buying rate while its selling rate remained unchanged at Rs 87.60.
On the contrary, the rupee appreciated against pound sterling, which declined to Rs 136.65 and Rs 137.30 for buying and selling respectively, from last Saturday's Rs 137.20 and Rs 137.60, dealers.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee-dollar parity remained unchanged at the open currency markets of Islamabad and Rawalpindi here on Monday.
The dollar opened at Rs 87.60 (buying) and Rs 88.05 (selling) against last rate. It did not observe further change in the second session and closed at Rs 87.60 (buying) and Rs 88.05 (selling).
Pound Sterling opened at Rs 137.80 (buying) and Rs 137.90 (selling) against the 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