KARACHI (September 30 2010): Dollar buying pressure kept the rupee lower on the local currency market on Wednesday in process of trading, dealers said. The rupee lost six paisa against the dollar for buying at 86.20 and it also shed seven paisa at 86.25, they said. In the third Asian trade, the ailing dollar looked vulnerable to further losses against a swathe of currencies as falling Treasury yields and disappointing US data fuelled talk that US policy needed further easing.
INTERBANK MARKET RATES: Mounting speculation the Federal Reserve could embark on a second round of quantitative easing (QE) kept the dollar stuck near a five-month low on the euro and a two-year trough against the Australian dollar. The yuan closed up against the dollar on Wednesday after hitting a post-revaluation high as the People’s Bank of China set a record high mid-point amid lingering pressure from Washington on Beijing to let the yuan climb further.
The yuan closed at 6.6868 versus the dollar after touching an intraday high of 6.6825, its highest level since the Chinese currency’s landmark July 2005 revaluation. Interbank buy/sell rates for the taka against the dollar on Wednesday. 70.10/70.33 (previous 69.9350/70.1000) Call Money Rates: 3.60-5.00 percent (previous 3.50-5.00 percent). Malaysian ringgit was trading at 3.083 versus the dollar. The Indian rupee surged 3.4 percent in the September quarter boosted by robust portfolio investments into Asia’s third-largest economy on the back of strong growth fundamentals.
The partially convertible rupee closed at 44.94/95 per dollar, after hitting 44.85, its highest since May 10 and half a percent stronger than Tuesday’s close of 45.15/16. Forex and debt markets are closed on Thursday for half-yearly closing of banks’ accounts.
OPEN MARKET RATES: The rupee dropped by five paisa versus the greenback for buying at 86.25 while it did not show any change for selling at 86.40, they said. The rupee, however, lost Rs 1.57 versus the euro for buying and selling at Rs 116.07 and Rs 116.57, they added.
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Open Buying Rs 86.25
Open Selling Rs 86.40
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Wednesday.
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Buying Rs 86.20
Selling Rs 86.25
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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 10.00 10.30 10.10 10.40 10.20
1-Week 11.00 11.50 11.60 11.75 11.46
2-Week 11.15 11.85 11.75 12.00 11.69
1-Month 11.50 12.30 12.10 12.35 12.06
2-Months 12.05 12.45 12.40 12.50 12.35
3-Months 12.25 12.50 12.45 12.60 12.45
4-Months 12.35 12.55 12.50 12.65 12.51
5-Months 12.40 12.60 12.50 12.75 12.56
6-Months 12.55 12.70 12.60 12.80 12.66
9-Months 12.60 12.75 12.70 12.85 12.73
1-Year 12.70 12.80 12.75 12.90 12.79
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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 10.00 10.30 10.10 10.40 10.20
1-Week 11.40 11.75 11.70 12.00 11.71
2-Week 11.60 12.00 11.90 12.20 11.93
1-Month 12.10 12.40 12.35 12.45 12.33
2-Months 12.25 12.70 12.50 12.75 12.55
3-Months 12.40 12.75 12.65 12.90 12.68
4-Months 12.40 12.90 12.70 13.00 12.75
5-Months 12.50 13.00 12.70 13.10 12.83
6-Months 12.50 13.10 12.80 13.25 12.91
9-Months 12.60 13.20 12.80 13.30 12.98
1-Year 12.70 13.25 12.80 13.35 13.03
RUPEE IN LAHORE: The rupee slid by 20 paisa against dollar in Lahore currency market on Wednesday.
According to dealers, the demand for dollars remained intact. The dollar closed at Rs 86.30 and Rs 86.60 on buying and selling side against overnight Rs 85.80 and Rs 86.10, respectively.
The pound’s buying and selling rates improved to Rs 135.00 and Rs 136.00 as compared to Tuesday’s Rs 134.80 and Rs 135.80, dealers said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The buying and selling rate of rupee against dollar remained unchanged at the open currency markets of Islamabad and Rawalpindi here on Wednesday.
The dollar resumed trading at Rs 84.75 (buying) and Rs 85.20 (selling) against the last rate. It did not observe further change in the evening session and closed at Rs 84.75 (buying) and Rs 85.20 (selling).
Pound Sterling opened at Rs 128.29 (buying) and Rs 132.12 (selling) against the previous rate of Rs 128.16 (buying) and Rs 132.02 (selling). It did not observe further change in the last trading hours and closed at Rs 128.29 (buying) and Rs 132.12 (selling) – Brecorder
