Payments requirements pushed dollar higher versus the rupee on the currency market on Tuesday, money expert Malik Bostan said.
He said that the currency market to observe range-bound trade as rupee to move in 84-85 versus dollar, even in the pre and post budget 2011-12 sessions. The rupee continued falling in relation to dollar, losing 13 paisa for buying and selling at 84.63 and 84.68, they said.
INTERBANK MARKET RATES: In the second Asian trade euro slipped after European Central Bank Governor Jean-Claude Trichet said he shares the view that a strong dollar is in the interest of United States, a comment taken by some market players as showing frustration over dollar's relentless fall and also an attempt to talk up the currency.
Trichet also told two Finnish newspapers he does not see any significant second-round inflation, prompting traders to dump euro long positions against dollar, although many traders think dollar will remain under pressure from a perception that the US central bank is far more reluctant to tighten its policy any time soon.
The yuan closed slightly weaker against dollar on Tuesday after trading below the People's Bank of China's mid-point as the market awaited the central bank's signal for another leg of yuan appreciation against dollar, traders said.
The yuan has hit a slew of record highs this year but the PBOC set weaker mid-points this week, indicating a gradualist approach to managing yuan appreciation, they said.
Interbank buy/sell rates for taka against dollar on Tuesday: 72.84/72.92 (previous 72.82/72.90). Call Money Rates: 5.50-10.00 percent (previous 5.50-10.50 percent).
Indian rupee was available at Rs 44.48 in relation to the greenback and Malaysian ringgit at 2.9920 versus the dollar.
OPEN MARKET RATES: The rupee followed the same print in terms of the greenback, losing 20 paisa for buying at 84.40 and shed 25 for selling at 84.60, they added.
The rupee also lost 56 paisa in relation to euro for buying and selling at Rs 123.12 and Rs 123.62, they said.
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Open Buying Rs 84.40
Open Selling Rs.84.60
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Tuesday.
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Buying Rs.84.63
Selling Rs.84.68
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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 11.05 11.50 11.10 11.75 11.35
1-Week 11.50 12.25 12.15 12.30 12.05
2-Week 11.60 12.40 12.45 12.50 12.24
1-Month 11.90 12.85 12.80 12.90 12.61
2-Months 12.40 13.10 13.00 13.15 12.91
3-Months 12.90 13.15 13.15 13.20 13.10
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 11.05 11.50 11.10 11.75 11.35
1-Week 12.00 12.30 12.20 12.35 12.21
2-Week 12.20 12.50 12.50 12.60 12.45
1-Month 12.70 12.90 12.90 13.10 12.90
2-Months 13.00 13.20 13.20 13.30 13.18
3-Months 13.10 13.30 13.30 13.40 13.28
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 Pak rupee opened on a depressed note and lost 15-paisa on buying side and 10-paisa on selling side against the dollar in the local currency market on Tuesday.
According to the currency dealers, the dollar witnessed fresh demand that kept the local currency under pressure. At the end of trading, the dollar was closed higher at Rs 84.40 and Rs 84.60, as its buying and selling rates against the overnight closing of Rs 84.25 and Rs 84.50, respectively.
However, the rupee-pound sterling parity remained unchanged amid low trading activity in the open market. The pound was traded at Monday closing of Rs 138.50 and Rs 139.20 on buying and selling sides, respectively, the dealers said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar remained unchanged against rupee at the currency markets of Islamabad and Rawalpindi on Tuesday.
The dollar resumed trading at Rs 84.80 (buying) and Rs 85.20 (selling) against same last rates. It did not observe further change in the evening session and closed at Rs 84.80 (buying) and Rs 85.20 (selling).
Pound sterling opened at Rs 136.15 (buying) and Rs 137.15 (selling) against same previous rates. It did not witness any change in the evening session and closed at Rs 136.15 (buying) and Rs 137.15 (selling).
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