THE RUPEE: all-round gains

The rupee recovered modestly against the dollar and euro on the currency market on Wednesday in process of trading, dealers said. The rupee appreciated by 10 paisa in relation to the US currency for buying at 90.80 and it also picked up seven paisa for selling at 90.85, experts said.
INTERBANK MARKET: OPEN MARKET RATES: The rupee followed the same pattern versus the dollar as it gained five paisa for buying and selling at 90.90 and 91.10, they said. In relation to the euro, the rupee gave up weakness, rising by five paisa for buying at Rs 119.95 and it also gained 55 paisa for selling at Rs 120.45, they said.
In the third Asian trade, the yen hit a six-month low against the dollar, as Japanese importers and offshore players sold the currency, bringing it closer to testing a key technical level. The yen extended its losses in the wake of the Bank of Japan's surprise monetary easing last week, with the dollar rising above 80.00 yen for the first time since August 2011, when the greenback rose to as high as 80.25 yen.
The yuan ended little changed against the dollar after the People's Bank of China set the mid-point in a narrow range, showing its intention to keep the yuan stable for a while.
Spot yuan ended at 6.2960 versus the dollar versus Tuesday's close of 6.2964 after the central bank fixed the mid-point slightly weaker at 6.2988 against 6.2960 previously. The yuan has risen 8.42 percent since its June 2010 de-peg. Interbank buy/sell rates for the taka against the dollar on Wednesday. 81.69-81.75 (previous 81.70-82.00). Call Money Rates: 15.00-20.00 percent (previous 12.00-20.00 percent.

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Open Buying     Rs 90.90

Open Selling    Rs.91.10

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

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Buying          Rs.90.80

Selling         Rs.90.85

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RUPEE IN LAHORE: The Pak rupee recovered some of its earlier loss and gained five-paisa in relation to the greenback in the open market on Wednesday.
According to the currency dealers, the dollar resumed trading at Tuesday closing of Rs 91.05 and Rs 91.25 on buying and selling sides but could not sustain in the absence of buying support. At the end of trading, the dollar was closed at Rs 91.00 and Rs 91.20, respectively.
Likewise, the rupee gained strength and was appreciated against the pound sterling. The pound was purchased and sold at Rs 142 and Rs 143 as compared to last day closing of Rs 143.60 and Rs 144, respectively, the dealers said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar-rupee parity remained unchanged at the open currency markets of Islamabad and Rawalpindi here on Wednesday.
The dollar opened at Rs 91 (buying) and Rs Rs 91.20 (selling) against same last rate. It did not observe further change in the second session and closed at Rs 91 (buying) and Rs 91.20 (selling).
Pound Sterling opened at Rs 142 (buying) and Rs 142.50 (selling) against same overnight value. It did not observe further change in the evening session and closed at Rs 142 (buying) and Rs 142.50 (selling).
Copyright Business Recorder, 2012