THE RUPEE: dollar at Rs 89

The dollar hit the new high at Rs 89 in the currency market on Friday due to strong demand by importers to clear oil and other commodities payments, dealers said. The rupee shed 20 paisa versus dollar for buying and selling at 88.95 and 89.00, they said.
INTERBANK MARKET RATES: This was fifth consecutive day of rupee's fall due to increased import payments, the country's bleak economic outlook and an overall weakening of regional currencies. On Friday, the banks bought nearly 60-70 million dollars to meet the payments, they said.
OPEN MARKET RATES: The rupee shed 20 paisa against dollar for buying at 88.80 and fell by 40 paisa for selling at 89.20, they said. The rupee also lost its firmness versus euro, losing 49 paisa for buying and selling at Rs 118.83 and Rs 119.33, they said.
The Pakistani rupee hit a record low for the fifth consecutive day on Saturday due to increased import payments, the country's bleak economic outlook and an overall weakening of regional currencies. Country's foreign exchange reserves fell to 16.88 billion dollars in the week ending November 25. The reserves hit a record 18.31 billion dollars in the week ended July 30.
Reuters adds: In the final Asian trade, euro struggled to make much headway, consolidating this week's gains as traders stuck to the sidelines ahead of a crucial US jobs report and event-packed week that could prove decisive for the currency bloc.
The non-farm payrolls report is expected to show an increase of 122,000 jobs and a steady unemployment rate of 9.0 percent. A positive surprise would underpin a recent string of solid US data and bolster risk sentiment, while a weaker-than-expected outcome could prompt investors to take more profits on recent gains. The dollar versus the Indian rupee was available at Rs 51.35, against the Malaysian ringgit it was at 3.1290 per unit and dollar was at 6.3627 in relation to the Chinese yuan.

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Open Buying     Rs 88.95

Open Selling    Rs 89.00

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

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Buying          Rs 88.80

Selling         Rs 89.20

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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      11.80    11.90       11.90       11.90       11.88

1-Week         11.70    11.90       11.90       11.90       11.85

2-Week         11.75    11.90       11.85       11.90       11.85

1-Month        11.60    11.80       11.85       11.90       11.79

2-Months       11.65    11.80       11.80       11.85       11.78

3-Months       11.65    11.75       11.80       11.85       11.76

4-Months       11.65    11.75       11.80       11.85       11.76

5-Months       11.70    11.80       11.80       11.85       11.79

6-Months       11.65    11.75       11.80       11.85       11.76

9-Months       11.70    11.85       11.85       11.90       11.83

71-Year         11.70    11.85       11.85       11.90      11.83

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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      11.85    11.90       11.90       11.95       11.90

1-Week         11.85    11.95       11.90       12.00       11.93

2-Week         11.85    11.95       11.90       12.00       11.93

1-Month        11.70    11.90       11.85       12.00       11.86

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 Pak rupee remained under pressure and hit a new low against the dollar, which crossed Rs 89.00 level in the open market on Friday.
According to the currency dealers, the rupee lost 60-paisa on buying side and 90-paisa on selling side in relation to the greenback. At the end of trading, the dollar was closed higher at Rs 89.05 and Rs 89.70 on buying and selling counters against the Thursday closing of Rs 88.45 and Rs 88.80, respectively.
Similarly, the rupee could not get out of the continued pressure and was declined on buying side but showed strength on selling side against the pound sterling. The pound was purchased and sold at Rs 138.30 and Rs 138.70, as compared to previous closing of Rs 137.50 and Rs 138.90, respectively, the dealers added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee-dollar parity remained unchanged at the open currency markets of Islamabad and Rawalpindi here on Friday.
The dollar opened at Rs 87.60 (buying) and Rs 88.05 (selling) against the 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 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