Persisted fall in the value of the rupee, indicating that the national currency may hit the low level at 87 versus dollar in the near future, dealers said on Wednesday. The rupee shed 15 paisa in relation to dollar for buying at 86.89 and lost 14 paisa for selling at 86.93, they said.
INTERBANK MARKET RATES: Explaining the decline in the rupee's value some experts said that the rupee may come under pressure following big payments such as International Monetary Fund (IMF) and other oil payments. It is expected that the rupee may cross the level of 87.50 by the end of second quarter of current fiscal year 2011-12, they added.
In the third Asian trade euro slipped to a fresh one-month low against dollar and the yen on Wednesday as the euro zone debt crisis threatened to engulf top-rated members such as France, as government bonds of core countries came under pressure.
The common currency fell as far as $1.3437, its lowest level in more than a month, after the French bond yield spread over benchmark, German bunds hit euro-era highs near 200 basis points and the spread of triple-A rated Austria also shot up. Italian yields spiked back above the critical seven percent level as the appointment of former EU Commissioner Mario Monti to head a new government failed to quell concerns over the country's long-term political and economic future.
Short-covering lifted dollar/ringgit to above a strong resistance at 3.1600, which was capped last month. The pair is seen heading to 3.1724, the 76.4 percent Fibonacci retracement of its October slide. "The 3.16 looked to have turned to a support as long as the euro stays under 1.35," said a senior dealer for a Malaysian bank in Kuala Lumpur. The yuan ended little changed against dollar on Wednesday, after the People's Bank of China set a weaker mid-point and dollar index hit a one-month high as the euro zone debt crisis threatened to engulf top-rated members. The dollar war trading versus the Indian rupee Rs 50.89.
OPEN MARKET RATES: Since the week started, the rupee held the levels versus dollar for buying and selling at 86.40 and 86.70, they said. It maintained recovery against euro, gaining 82 paisa for buying and selling at Rs 116.29 and Rs 116.79, they said.
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Open Buying Rs 86.40
Open Selling Rs.86.70
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Wednesday.
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Buying Rs.86.89
Selling Rs.86.93
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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 9.00 9.50 9.10 9.75 9.34
1-Week 11.00 11.40 11.40 11.60 11.35
2-Week 11.40 11.60 11.65 11.70 11.59
1-Month 11.50 11.65 11.70 11.75 11.65
2-Months 11.65 11.75 11.75 11.80 11.74
3-Months 11.65 11.75 11.75 11.80 11.74
4-Months 11.65 11.75 11.75 11.85 11.75
5-Months 11.65 11.75 11.75 11.85 11.75
6-Months 11.65 11.80 11.80 11.85 11.78
9-Months 11.70 11.80 11.80 11.85 11.79
1-Year 11.75 11.85 11.85 11.90 11.84
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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 9.00 9.60 9.10 9.75 9.36
1-Week 11.30 11.65 11.50 11.75 11.55
2-Week 11.50 11.75 11.75 11.80 11.70
1-Month 11.70 11.85 11.80 12.00 11.84
2-Months 11.75 11.90 11.85 11.95 11.86
3-Months 11.80 11.90 11.90 11.95 11.89
4-Months 11.80 11.90 11.90 11.95 11.89
5-Months 11.80 11.90 11.90 12.00 11.90
6-Months 11.85 11.95 11.95 12.00 11.94
9-Months 11.85 12.00 12.00 12.10 11.99
1-Year 11.90 12.00 12.10 12.15 12.04
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RUPEE IN LAHORE: The Pak rupee maintained downward trend and was further depreciated 30-paisa on buying side and 20-paisa on selling side in relation to the greenback in the local currency market on Wednesday.
According to the currency dealers, the dollar's demand remained intact that kept the local currency under pressure. The dollar was ended higher at Rs 86.60 and Rs 86.90, as its buying and selling rates against the overnight closing of Rs 86.30 and Rs 86.70, respectively, the dealers said.
On the contrary, the rupee gained strength and improved against the British pound. The pound was purchased and sold at Rs 136.50 and Rs 137.20, as compared to day earlier closing of Rs 137.00 and Rs 138.00, respectively, the dealers added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee-dollar parity remained unchanged at the open currency markets of Islamabad and Rawalpindi here on Wednesday.
The dollar opened at Rs 87.60 (buying) and Rs 88.05 (selling) against the last rate. It did not observe further change in the second session and closed at Rs 87.60 (buying) and Rs 88.05 (selling).
Pound Sterling opened at Rs 137.80 (buying) and Rs 137.90 (selling) against the overnight value. It did not observe further change in the evening session and closed at Rs 137.80 (buying) and Rs 137.90 (selling).
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