All-round gains were seen on the currency market on Friday as the rupee posted fresh value in terms of the dollar, dealers said. The rupee went up sharply against the US currency, rising 23 paisa for buying and selling at 85.37 and 85.42, they said.
INTERBANK MARKET RATES: In the final Asian trade dollar paused near fresh lows after breaking down to a new 2010 trough against a basket of currencies, but investor appetite for risk was expected to continue and grind the low-yielding greenback down. The dollar index hit an 11-month low on Thursday in the aftermath of a decision by the Federal Reserve to buy government bonds, opening the way for a possible test of its 2009 low of 74.17. It edged up on Friday but still looked vulnerable.
The euro hovered near $1.4200 after soaring as far as $1.4283, its strongest since late January, while the dollar pared small early gains on yen, edging closer to its 1995 post war record low of 79.75 yen.
Spot yuan ended up versus dollar on Friday as the People's Bank of China set a stronger mid-point as the dollar hovered near 11-month lows after the Federal Reserve's decision to buy government bonds.
China also faces a slew of political events in November, including a meeting between President Hu Jintao and his US counterpart Barack Obama on November 11 at a Group of 20 summit in Seoul, which will add pressure for yuan to appreciate.
But dealers said the potential for further yuan gains this year would be limited due to global economic uncertainties and its impact on the country's exports and employment.
OPEN MARKET RATES: The rupee rose by 15 paisa against dollar for buying and selling at 85.40 and 85.55, they said.The rupee followed the same pattern, gaining 16 paisa for buying and selling at Rs 120.21 and Rs 120.71, they added.
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Open Buying Rs 85.37
Open Selling Rs 85.42
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Friday.
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Buying Rs 85.40
Selling Rs 85.55
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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 11.00 12.25 11.25 12.50 11.75
1-Week 10.95 12.30 12.00 12.35 11.90
2-Week 11.20 12.30 12.30 12.40 12.05
1-Month 11.75 12.40 12.40 12.45 12.25
2-Months 12.20 12.50 12.45 12.60 12.44
3-Months 12.45 12.80 12.65 12.90 12.70
4-Months 12.50 12.80 12.75 12.90 12.74
5-Months 12.60 12.90 12.85 13.00 12.84
6-Months 12.70 12.90 12.80 13.00 12.85
9-Months 12.70 13.00 12.95 13.10 12.94
1-Year 12.80 13.00 13.00 13.15 12.99
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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 11.25 12.50 11.50 12.75 12.00
1-Week 11.50 12.40 12.30 12.50 12.18
2-Week 11.85 12.25 12.35 12.50 12.24
1-Month 12.00 12.30 12.40 12.50 12.30
2-Months 12.40 12.90 12.75 13.00 12.76
3-Months 12.50 13.10 12.90 13.25 12.94
4-Months 12.60 13.15 13.00 13.25 13.00
5-Months 12.70 13.20 13.10 13.30 13.08
6-Months 12.80 13.25 12.90 13.35 13.08
9-Months 12.90 13.30 13.10 13.40 13.18
1-Year 13.10 13.40 13.20 13.45 13.29
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RUPEE IN LAHORE: The rupee gained 30 paisa on buying and 10 paisa on selling side against dollar at Lahore currency market on Friday.
According to dealers, the was traded at Rs 85.20 and Rs 85.60 as buying and selling rates as compared to previous rates of Rs 85.50 and Rs 85.70 respectively.
The rupee also appreciated against pound sterling, which was traded at Rs 136.80 and Rs 137.50 on buying and selling counters as compared to overnight closing of Rs 137.00 and Rs 137.50 respectively, dealers said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee-dollar parity remained unchanged at the open currency markets of Islamabad and Rawalpindi here on Friday.
The dollar resumed trading at Rs 85.40 (buying) and Rs 85.50 (selling) against last rate of Rs 86.20 (buying) and Rs 86.30 (selling). It did not observe further change in the evening session and closed at Rs 85.40 (buying) and Rs 85.50 (selling).
Pound Sterling opened at Rs 136 (buying) and Rs 136.20 (selling) in the morning session. It did not observe further change in the last trading hours and closed at Rs 136 (buying) and Rs 136.20 (selling).
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