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Weakness prevailed in the currency market on Wednesday as the rupee drifted lower due to strong demand for dollars, dealers said. In the open market the rupee shed two paisa versus dollar for buying at 60.70 and lost seven paisa for selling at 60.80, they said.
In process of trading, the rupee failed to retain its firmness on rising demand for dollars by the importers, they said. While, the rupee held its overnight levels versus the euro for buying and selling at Rs 77.35 and Rs 77.45 as the dollar showed mixed trend in the world markets, they said.
The dollar in the Asian and Far East market struggled to edged up against the yen on Wednesday, recovering from a slide the previous day on soft producer prices and retail sales figures that pointed to a slowing US economy.
The market was looking ahead to a bevy of US reports that should further help to shape interest rate expectations, including minutes due on Wednesday from the Federal Reserve's last policy meeting, and consumer prices data on Thursday.
INTERBANK RATES: The rupee depreciated against the dollar as it dropped by one paisa for buying at 60.74 and 60.75, respectively.



================================
Buying Rs 60.70
Selling Rs 60.80
================================

INTERBANK CLOSING RATES: Interbank closing rates for dollar on Wednesday.



==============================
Buying Rs 60.74
Selling Rs 60.75
==============================
=================================================================
Repo Rates (Yield p a)
-----------------------------------------------------------------
Tenor Low Bid High Bid Low Offer High Offer Average
=================================================================
Overnight 8.50 9.40 9.00 9.40 9.08
1-Week 8.80 9.00 8.90 9.10 8.95
2-Weeks 8.70 8.90 8.90 9.10 8.90
1-Month 8.65 8.80 8.80 9.00 8.81
2-Months 8.65 8.90 8.75 9.10 8.85
3-Months 8.65 8.90 8.70 9.15 8.85
4-Months 8.70 8.90 8.80 9.15 8.89
5-Months 8.75 8.90 8.85 9.15 8.91
6-Months 8.75 9.00 8.80 9.20 8.94
9-Months 8.85 9.10 9.00 9.25 9.05
1-Year 8.90 9.10 9.10 9.35 9.11
=================================================================
Call Rates (Yield p a)
-----------------------------------------------------------------
Tenor Low Bid High Bid Low Offer High Offer Average
=================================================================
Overnight 8.90 10.00 9.00 10.50 9.60
1-Week 9.25 10.25 9.75 10.50 9.94
2-Weeks 9.50 10.25 10.00 10.50 10.06
1-Month 9.75 10.50 10.00 10.75 10.25
2-Months 9.75 10.50 10.25 10.75 10.31
3-Months 10.00 10.50 10.25 10.75 10.38
4-Months 10.00 10.50 10.25 11.00 10.44
5-Months 10.25 10.75 10.50 11.00 10.63
6-Months 10.25 11.00 10.50 11.25 10.75
9-Months 10.25 11.00 10.50 11.25 10.75
1-Year 10.50 11.25 11.00 11.50 11.06
=================================================================

RUPEE IN LAHORE: The rupee has opened on a negative note and lost its value by five paisa in relation to the greenback in the local currency markets on Wednesday.
According to the currency dealers, the dollar resumed trading at overnight closing level of Rs 60.65 and Rs 60.75 as its buying and selling rates, respectively. As a result of increase in its demand, the dollar started moving up and finally closed at Rs 60.70 and Rs 70.80 on buying and selling sides, respectively, the dealers added.
On the contrary, the rupee continued rising trend further appreciated its value against the pound sterling. The pound was purchased at Rs 114.80 and was sold at Rs 115.10 as compared to previous closing of Rs 114.90 Rs 115.20 respectively, the dealers added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee remained firm against the dollar at the open currency markets of Islamabad and Rawalpindi on Wednesday.
The dollar opened at Rs 60.70 (buying) and Rs 60.80 (selling) against same last rate. It did not observe any further change in the evening session and closed at Rs 60.70 (buying) and Rs 60.80 (selling).
Pound Sterling opened at Rs 115 (buying) and Rs 115.20 (selling) against same previous rate. It did not observe further change by the end of second session and closed at Rs 115 (buying) and Rs 115.20 (selling).
Copyright Business Recorder, 2006

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