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Modest recovery was seen in the interbank market on Wednesday as the rupee picked up two paisa against the dollar for buying at Rs 60.69 and gaining one paisa for selling at Rs 60.71, respectively. Better supply of the US currency helped the rupee and it seems that the rupee might show firmness in the coming days, dealers said.
In the world markets the dollar drifted lower as the yen held gains after climbing near a three-month high versus the dollar as investors unwound risky positions on worries the turmoil in the US sub-prime mortgage market may hurt the broader economy. The Japanese currency initially extended its rebound against major currencies following Tuesday's US data showing that late payments on US mortgages hit a 3-1/2-year high in the fourth quarter and rising delinquencies in 49 of 50 states.
OPEN MARKET RATES: The rupee shed two paisa versus the dollar at Rs 60.72 and Rs 60.82 for both the buying and selling, dealers said. The rupee, however, gained three paisa in relation to the euro for buying and selling at Rs 79.82 and Rs 79.92, they said.



================================
Buying Rs 60.72
Selling Rs 60.82
================================

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



==============================
Buying Rs 60.69
Selling Rs 60.71
==============================
=================================================================
Repo Rates (Yield p a)
-----------------------------------------------------------------
Tenor Low Bid High Bid Low Offer High Offer Average
=================================================================
Overnight 9.00 9.40 9.20 9.40 9.25
1-Week 9.00 9.25 9.10 9.30 9.16
2-Weeks 8.95 9.10 9.05 9.15 9.06
1-Month 8.85 9.00 8.95 9.10 8.98
2-Months 8.85 9.00 8.90 9.10 8.96
3-Months 8.85 9.00 8.90 9.10 8.96
4-Months 8.85 9.00 8.90 9.15 8.98
5-Months 8.80 9.00 8.85 9.15 8.95
6-Months 8.80 9.00 8.90 9.20 8.98
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 9.25 9.50 9.35 9.60 10.05
1-Week 9.25 9.50 9.50 9.75 9.75
2-Weeks 9.40 9.60 9.50 9.75 10.01
1-Month 9.75 10.25 10.00 10.50 10.38
2-Months 9.75 10.25 10.00 10.50 10.62
3-Months 10.00 10.25 10.25 10.50 10.77
4-Months 10.00 10.75 10.25 11.00 10.98
5-Months 10.00 10.75 10.50 11.00 11.19
6-Months 10.25 10.75 10.75 11.00 11.43
9-Months 10.40 11.00 11.00 11.50 10.98
1-Year 10.50 11.25 11.00 11.50 11.06
=================================================================

RUPEE IN LAHORE: The Pak rupee showed stability as its value remained unchanged against the greenback for the third consecutive day in the local currency markets on Wednesday.
According to the currency dealers, the dollar resumed trading at overnight closing rates of Rs 60.75 and Rs 60.85 on buying and selling sides, respectively. There was no visible fluctuation in the dollar's worth during the day's trading, which finally closed at the opening levels, the dealers added.
However, the local currency remained firm and further appreciated its worth against the pound sterling. The pound's buying rate declined from Tuesday's closing rate of Rs 116.80 to Rs 116.50 while selling rate moved down from Rs 117.10 to Rs 116.80, the dealers added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee-dollar parity remained unchanged at the open currency markets of Islamabad and Rawalpindi on Wednesday.
The dollar opened at Rs 60.60 (buying) and Rs 60.70 (selling) against same last rate. It did not witness fluctuation in the last trading hours and closed at Rs 60.60 (buying) and Rs 60.70 (selling).
Pound Sterling opened at Rs 117.70 (buying) and Rs 117.90 (selling) against same last rate. It did not observe any change in the second session and closed at Rs 117.70 (buying) and Rs 117.90 (selling).
Copyright Business Recorder, 2007

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