The rupee moved both ways against dollar on the currency market on Wednesday in process of trading, experts said. The rupee lost 14 paisa in relation to dollar for buying and selling at 85.18 and 85.22, they said. In the third Asian session dollar rose against euro on fear some euro zone states won't be able to withstand higher interest rates, though further gains will likely require the Federal Reserve to hint at tighter policy.
INTERBANK MARKET RATES: Tough inflation talk from European Central Bank President Jean-Claude Trichet last week pushed euro above $1.40 on expectations of an increase in euro zone interest rates by as early as next month.Recent credit downgrades for Greece and Spain reminded investors' higher borrowing costs and a stronger currency would make it more difficult for debt-burdened countries to boost growth. "The problem with the interest rate driven trade and Trichet's hawkish comments is that you have to see the other issues behind it," said John McCarthy, director of foreign exchange at ING Capital Markets in New York. "Higher rates will be devastating on the peripheral countries."
Indian rupee was trading at Rs 45.08 versus dollar, Malaysian ringgit was available at 3.0310 in terms of the greenback and Chinese yuan was at 6.5700 in relation to the US currency.
OPEN MARKET RATES: The rupee, however, gained 15 in terms of dollar for buying at 85.00 while it picked up 10 for selling at 85.20, they added. After the decline in the value of euro for the third day, the rupee managed to rise versus the single European currency, gaining 91 paisa for buying and selling at Rs 117.35 and Rs 117.85, they said.
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Open Buying Rs 85.00
Open Selling Rs 85.20
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Wednesday.
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Buying Rs 85.18
Selling Rs.85.22
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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 12.75 13.15 12.80 13.25 12.99
1-Week 12.25 12.90 12.85 12.95 12.74
2-Week 12.25 12.90 12.90 13.00 12.76
1-Month 12.40 12.95 12.90 13.00 12.81
2-Months 12.50 13.15 13.15 13.25 13.01
3-Months 12.50 13.20 13.20 13.30 13.05
4-Months 13.00 13.30 13.25 13.35 13.23
5-Months 13.20 13.45 13.40 13.50 13.39
6-Months 13.35 13.50 13.45 13.55 13.46
9-Months 13.40 13.60 13.50 13.65 13.54
1-Year 13.45 13.60 13.55 13.65 13.56
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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 12.75 13.20 12.85 13.30 13.03
1-Week 12.30 13.00 12.95 13.10 12.84
2-Week 12.40 13.00 13.00 13.15 12.89
1-Month 12.60 13.15 13.00 13.25 13.00
2-Months 12.90 13.40 13.30 13.50 13.28
3-Months 13.10 13.60 13.40 13.70 13.45
4-Months 13.25 13.65 13.45 13.75 13.53
5-Months 13.40 13.70 13.50 13.75 13.59
6-Months 13.50 13.75 13.70 13.90 13.71
9-Months 13.60 13.80 13.75 13.95 13.78
1-Year 13.50 13.90 13.80 14.00 13.80
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RUPEE IN LAHORE: The rupee showed stability and remained unchanged on buying side but gained 10 paisa on selling side in relation to the greenback in the local currency market on Wednesday. According to the currency dealers, there was no change in the dollar supply that helped it gain stability on buying side. The dollar stayed unchanged at Rs 85.10 on buying side while it declined to Rs 85.35 against last day's closing of Rs 85.10 and Rs 85.40, respectively, the dealers said. The rupee could not maintain upward journey and fell against the pound sterling. The pound's buying and selling rates were improved from Tuesday's closing of Rs 137 and Rs 138 to Rs 137.50 and Rs 138.50, respectively, the dealers added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar-rupee parity remained unchanged at the currency exchange establishments of Islamabad and Rawalpindi here on Wednesday.
The dollar resumed trading at Rs 85.95 (buying) and Rs 86.20 (selling) against the same last rate. It did not observe further change in the evening session and closed at Rs 85.95 (buying) and Rs 86.20 (selling).
Pound Sterling opened at Rs 136.30 (buying) and Rs 136.75 (selling) against the same previous rate. It did not witness any change in the evening session and closed at Rs 136.30 (buying) and Rs 136.75 (selling).
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