The rupee, somehow, managed to hold its most of gains in relation to dollar on the currency market on Monday, money experts said. The rupee rose by nine paisa in relation to dollar for buying 84.24 and gained 10 paisa for selling at 84.28, they said.
INTERBANK MARKET RATES: In the first Asian trade Singapore dollar and the Indonesian rupiah slid on dollar short-covering and a weaker euro, while the South Korean won found support as some players took advantage of its declines against the yen to buy the local currency on dips. The euro fell to a session low against dollar and yen after a newspaper said Greece had asked to restructure its debt at a recent meeting of European financial officials. The single currency later pared its losses after Greece denied the newspaper report. Emerging Asian currencies may succumb to more profit taking before the Good Friday holiday, especially if euro eases further, analysts said.
"We can see more short covering in USD/Asia though. EUR is looking tired abstracting from today's volatility, so I wouldn't be surprised to see more profit taking, particularly ahead of a shortened trading week," said Jonathan Cavenagh, currency strategist at Westpac in Singapore.
Still, the regional currencies are expected to remain in a bullish trend as central banks are likely to keep tightening policy to fight inflation, analysts and dealers said.
"As long as the euro's fall is not on extreme risk aversion that hurts all markets, I don't see why Asian currencies cannot continue to do well. I think the bullish trend can and should be maintained as inflation data from Friday shows why that is," said Sacha Tihanyi, a senior currency strategist at Scotia Capital in Hong Kong.
Indian rupee was available at Rs 44.33 versus dollar, Malaysian ringgit was trading at 3.0220 in terms of the greenback and the Chinese yuan was at 6.5299 in relation to the US currency.
OPEN MARKET RATES: The rupee retained its weekend level versus dollar for buying at 84.40 while it managed to gain five paisa for selling at 84.55, they added. The rupee rose by 56 paisa versus euro for buying and selling at Rs 120.43 and Rs 120.93, they said.
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Open Buying Rs 84.24
Open Selling Rs 84.28
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Friday.
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Buying Rs 84.40
Selling Rs 84.55
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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 12.00 12.75 12.35 13.00 12.53
1-Week 11.50 12.80 12.85 12.90 12.51
2-Week 11.60 12.90 12.90 13.00 12.60
1-Month 11.90 13.00 12.95 13.05 12.73
2-Months 12.40 13.10 13.15 13.20 12.96
3-Months 12.90 13.20 13.25 13.30 13.16
4-Months 13.00 13.25 13.30 13.35 13.23
5-Months 13.20 13.35 13.35 13.40 13.33
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 12.00 12.75 12.40 13.00 12.54
1-Week 12.25 12.90 12.90 13.00 12.76
2-Week 12.40 13.00 13.00 13.10 12.88
1-Month 12.70 13.15 13.10 13.25 13.05
2-Months 13.00 13.25 13.25 13.35 13.21
3-Months 13.10 13.35 13.30 13.45 13.30
4-Months 13.25 13.50 13.40 13.60 13.44
5-Months 13.40 13.60 13.45 13.65 13.53
6-Months 13.45 13.65 13.55 13.75 13.60
9-Months 13.50 13.70 13.60 13.75 13.64
1-Year 13.50 13.75 13.60 13.90 13.69
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RUPEE IN LAHORE: The rupee gained 15 paisa on buying side and 10 paisa on selling side in relation to dollar at Lahore currency market on Monday.
According to dealers, the dollar opened on a negative note and closed at Rs 84.20 and Rs 84.50 as buying and selling rates against last Saturday's Rs 84.35 and Rs 84.60, respectively.
However, the pound remained unchanged at Rs 137.00 and Rs 137.50 for buying and selling, respectively, dealers said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar remained unchanged against rupee at the currency markets of Islamabad and Rawalpindi on Monday.
The dollar resumed trading at Rs 85.20 (buying) and Rs 85.45 (selling) against same last rates. It did not observe further change in the evening session and closed at Rs 85.20 (buying) and Rs 85.45 (selling).
Pound sterling opened at Rs 136.35 (buying) and Rs 137.55 (selling) against same previous rates. It did not witness any change in the evening session and closed at Rs 136.35 (buying) and Rs 137.55 (selling).
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