The dollar attained the new high against the rupee in both interbank and open market on Friday, dealers said. In the interbank market the rupee touched the record low at 78.00, dealers said. Since the week started the rupee is on the downside.
On Fdiday losing 20 paisa versus the dollar for buying at 77.90 and it was also down by 25 paisa for selling at 78.00, they said. In fact, there were a few import payments but supply of dollars was tight, which dragged the rupee down in terms of dollar, they said.
The State Bank has been buying dollars in the ready market with a simultaneous commitment to sell them back in future, they said. The market remained apprehensive over the lack of inflows from the lenders, while dwindling foreign currency reserves limited the scope for central bank intervention. In the fifth Asian trading dollar jumped against euro and yen, boosted by news that the US government is considering a comprehensive plan to deal with the toxic bank assets causing the credit crisis.
US Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke plan to work through the weekend on a plan that congressional leaders said would focus on dealing with illiquid assets.
OPEN MARKET RATES: The rupee followed the same path, falling 50 paisa against dollar for buying and selling at 77.70 and 78.00, dealers said. The rupee, however, gave up its weakness against euro, recovering 95 paisa for buying at Rs 109.45 and it also rose by 75 paisa for selling at Rs 109.65, they added.
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OPEN BUYING Rs 77.70
OPEN SELLING Rs 78.00
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Interbank Closing Rates: Interbank Closing Rates For Dollar On Friday.
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Buying Rs 77.90
Selling Rs 78.00
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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 12.90 12.90 12.90 12.90 12.90
1-Week 12.40 12.60 12.60 12.70 12.58
2-Week 12.35 12.50 12.50 12.60 12.49
1-Month 12.25 12.40 12.45 12.55 12.41
2-Months 12.40 12.55 12.55 12.65 12.54
3-Months 12.35 12.55 12.55 12.65 12.53
4-Months 12.40 12.60 12.55 12.70 12.56
5-Months 12.40 12.60 12.55 12.70 12.56
6-Months 12.40 12.60 12.55 12.70 12.56
9-Months 12.45 12.65 12.60 12.65 12.59
1-Year 12.45 12.65 12.60 12.70 12.60
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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 14.00 16.50 14.50 17.00 15.50
1-Week 13.50 16.00 14.00 16.50 15.00
2-Week 13.50 15.50 14.00 16.00 14.75
1-Month 13.50 15.00 14.00 15.50 14.50
2-Months 13.50 15.00 14.00 15.50 14.50
3-Months 13.50 15.00 14.00 15.50 14.50
4-Months 13.50 15.00 13.75 15.50 14.44
5-Months 13.50 15.25 14.00 15.75 14.63
6-Months 13.50 15.25 14.00 15.75 14.63
9-Months 13.75 15.50 14.50 16.00 14.94
1-Year 13.75 15.50 14.50 16.00 14.94
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RUPEE IN LAHORE: The rupee continued downward slide and further depreciated by 40 paisa on buying side and 60 paisa on selling side against dollar in Lahore currency market on Friday. Because of the increasing demand, the dollar further moved up and closed at Rs 77.90 and Rs 78.50 against Thursday's closing of Rs 77.50 and Rs 77.90 on buying and selling sides, respectively. However, the rupee recovered some of its losses on buying side while it remained unchanged on the selling side against the British pound. The pound's buying rate declined from overnight closing of Rs 140.30 to Rs 139.00 while selling rate stayed unchanged at Rs 141.00.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar showed an improvement of 90 paisa against rupee at the currency markets of Islamabad and Rawalpindi on Friday. The dollar opened at Rs 78.50 (buying) and Rs 78.60 (selling) against last rate of Rs 77.60 (buying) and Rs 77.70 (selling). It did not observe further change in the evening session and closed at Rs 78.50 (buying) and Rs 78.60 (selling). Pound sterling opened at Rs 140 (buying) and Rs 140.50 (buying) against same last rate. It did not observe further change in the second session and closed at Rs 140 (buying) and Rs 140.50 (buying).
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