Further improvement was seen on the interbank market on Friday as the rupee rose by 35 paisa in relation to the dollar for buying at 66.90 and it also gained 50 paisa for selling at 67.00, dealers said.
According to currency analysts, the rupee which has lost 12 percent on May 20,2008 after touching the new low at 69.60 and 69.90 for buying and selling, has now started recovery and regained nearly four percent ahead of budget, 2008-09, they added. It is very difficult to predict about the future direction of the currency business following the political and economic instability in the country, they said.
Under the circumstance, we can't predict about the currency movement for the long-term, they said. Because our business or trade were in grip of severe uncertainties, which may help outflows instead of inflows, they said. In the fifth session in the Asian market, the dollar steadied, hovering near a three-month high against the yen after an upward revision to US economic growth figures underscored expectations for the Federal Reserve to raise interest rates this year.
A jump in US bond yields and a drop in oil prices on Thursday also helped trigger short-covering in the dollar, which has rebounded broadly this week as oil prices fell back and data helped ease concerns about the US economy's outlook.
OPEN MARKET RATES: Till the official closing, the rupee maintained a firm outlook, strengthening by 40 paisa in terms of the dollar for buying and selling at 68.00 and 68.10, they said. The rupee, however, failed to retain its firmness against the euro, losing 60 paisa for buying and selling at 105.80 and 105.90, they said.
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Open Buying Rs 68.00
Open Selling Rs 68.10
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Interbank Closing Rates: Interbank Closing Rates For Dollar On Friday.
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Buying Rs 66.90
Selling Rs 67.00
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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 1.00 7.00 1.25 7.50 4.19
1-Week 8.75 10.00 9.25 10.50 9.63
2-Week 9.50 10.25 10.00 10.75 10.13
1-Month 10.00 10.75 10.50 11.00 10.56
2-Months 10.75 11.25 11.00 11.50 11.13
3-Months 10.75 11.40 11.00 11.60 11.19
4-Months 10.90 11.50 11.25 11.65 11.33
5-Months 11.00 11.50 11.40 11.70 11.40
6-Months 11.25 11.50 11.50 11.75 11.50
9-Months 11.25 11.50 11.50 11.75 11.50
1-Year 11.25 11.50 11.60 11.80 11.54
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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 2.00 9.00 3.00 10.00 6.00
Week 9.50 11.00 10.00 12.00 10.63
Week 10.50 13.00 11.50 13.50 12.13
Month 12.00 13.00 12.50 14.00 12.88
Months 12.50 14.50 13.50 15.00 13.88
Months 13.00 14.50 14.50 15.00 14.25
Months 13.50 14.75 14.00 15.50 14.44
Months 13.75 14.50 14.25 15.00 14.38
Months 14.00 14.50 14.50 15.00 14.50
Months 14.00 14.50 14.50 15.00 14.50
Year 14.25 14.75 14.75 15.25 14.75
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RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee gained 30 paisa against dollar at the currency markets of Islamabad and Rawalpindi on Friday.
The dollar opened at Rs 67.70 (buying) and Rs 68 (selling) against last rate of Rs 68 (buying) and Rs 68.50 (selling). It did not observe further change in the second session and closed at Rs 67.70 (buying) and Rs 68 (selling).
Pound sterling opened at Rs 135 (buying) and Rs 135.50 (selling) against same last rate. It did not observe further change in the evening session and closed at Rs 135 (buying) and Rs 135.50 (selling).
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