Balanced demand and supply helped the rupee to retain its overnight levels against dollar on the local currency market on Tuesday, dealers said. On the interbank market the rupee maintained its overnight levels against dollar for buying and selling at 85.72 and 85.76, marketmen said.
In the second Asian trade dollar staged a rebound against major currencies as traders pared short positions on looming uncertainty over whether the US Federal Reserve will start a new phase of quantitative easing to deal with a slowing economy. Much uncertainty surrounds the Federal Reserve's policy meeting on Tuesday with the market deeply divided over what the Fed might do, beyond a rough agreement that it will sound more cautious on the recovery. The Indian rupee fell to its lowest level in more than a week on Tuesday as investors unwound short dollar positions globally ahead of the US Federal Reserve's policy decision.
Market players expect a dovish tone from the Fed but are divided as to how far it would go to back up its words with action. Spot yuan ended down against dollar on Tuesday as the US currency rebounded globally and the central bank fixed a weaker mid-point, but dollar/yuan offshore forwards were flat, paring the day's early gains.
One-month dollar/yuan non-deliverable forwards NDFs erased all of Monday's losses and look set to snap a three-day falling streak as investors cover short positions before a US Federal Reserve decision later in the day. Interbank buy/sell rates for the taka against the dollar on Tuesday. 69.41/69.46 (previous 69.41/69.45) Call Money Rates: 5.00-7.50 percent (previous 4.25-7.50 percent).
OPEN MARKET RATES: Rising trend was seen on the open market as the rupee gained 10 paisa versus the dollar for buying at 95.65 and it also rose by five paisa for selling at 85.85, dealers said. The rupee followed the same pattern versus euro, gaining 75 paisa for buying and selling at Rs 112.25 and Rs 112.75, they added.
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Open Buying Rs 85.65
Open Selling Rs 85.85
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Tuesday.
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Buying Rs 85.72
Selling Rs 85.76
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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 10.25 11.75 10.50 12.00 11.13
1-Week 11.50 12.00 12.00 12.20 11.93
2-Week 11.60 12.25 12.15 12.30 12.08
1-Month 11.70 12.30 12.35 12.40 12.19
2-Months 11.85 12.35 12.30 12.40 12.23
3-Months 12.05 12.40 12.35 12.45 12.31
4-Months 12.10 12.40 12.35 12.45 12.33
5-Months 12.10 12.45 12.40 12.60 12.39
6-Months 12.25 12.50 12.45 12.60 12.45
9-Months 12.25 12.50 12.45 12.60 12.45
1-Year 12.30 12.60 12.50 12.70 12.53
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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 10.25 11.75 10.50 12.00 11.13
1-Week 11.90 12.25 12.10 12.35 12.15
2-Week 11.90 12.30 12.20 12.40 12.20
1-Month 12.20 12.50 12.40 12.60 12.43
2-Months 12.25 12.80 12.50 12.90 12.61
3-Months 12.30 12.90 12.60 13.25 12.76
4-Months 12.30 12.90 12.60 13.25 12.76
5-Months 12.35 13.00 12.70 13.25 12.83
6-Months 12.40 13.10 12.75 13.30 12.89
9-Months 12.50 13.20 12.75 13.35 12.95
1-Year 12.60 13.25 12.80 13.40 13.01
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RUPEE IN LAHORE: The Pak rupee remained under pressure and depreciated its value by 10 paisa in relation to the greenback in the kerb market on Tuesday.
According to the currency dealers, the dollar witnessed fresh demand that helped its appreciation against the local currency in the open market. The dollar resumed traded at Rs 85.65 and Rs 85.85, as its buying and selling rates, respectively. At the end of trading, the dollar was closed higher at Rs 85.70 and Rs 85.90 on buying and selling side against the Monday closing of Rs 85.60 and Rs 85.80, respectively, the dealers said.
However, the rupee recovered its earlier loss and improved its value against the pound sterling. The pound was purchased and sold at Rs 133.80 and Rs 134.80, as compared to previous closing of Rs 135.20 and Rs 135.50, respectively, the dealers added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee remained firm against the dollar at the open currency markets of Islamabad and Rawalpindi here on Tuesday.
The dollar opened at Rs 85.40 (buying) and 85.90 (selling) against the last rate of Rs 85.40 (buying) and 85.90 (selling). It did not observe further change in the evening session and closed at Rs 85.40(buying) and Rs 85.90 (selling).
Pound Sterling opened at Rs 132.58 (buying) and Rs 134.55 (selling) against the previous rate of Rs 134.02 (buying) and Rs 136.51 (selling). It did not observe further change in the last trading hours and closed at Rs 132.58 (buying) and Rs 134.55 (selling).
UAE Dirham opened at Rs 23.14 (buying) and Rs 23.34 (selling) in the morning session against the last rate of Rs 23.14 (buying) and Rs 23.34 (selling). The value of Dirham against the rupee remained unchanged in the evening session and closed at Rs 23.14 (buying) and Rs 23.34 (selling).
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