THE RUPEE: all round gains

All round gains were seen in the currency market on Tuesday in process of trading, dealers said.
The rupee reversed its overnight weakness in the interbank market with a gain four paisa against the dollar for buying and selling at Rs 60.71 and Rs 60.73. It was higher in open market. Against euro it was up by 65 paisa, dealers said.
The dollar supply eased and helped the rupee to recover its lost ground. . In fact closure of the world markets shrunk the supplies of dollar, which was the main factor behind the rupee's weakness, currency experts said.
A weaker rupee helps to attract the international markets and the export items, especially textile may show promising picture in the coming days, they added. In the global markets, the dollar stayed near a two-month high against the yen on Tuesday as a solid employment report late last week eased concern about a possible recession in the United States, while gains in stocks warmed investor risk appetite.
The yen hovered near a 2-1/2-month trough against the Australian dollar and a 16-year low versus the Canadian dollar as Friday's surge in US equities to record highs after the jobs data encouraged yen carry trades.
OPEN MARKET RATES: The rupee maintained its overnight levels against dollar, picking up 10 paisa for buying at Rs 60.48 and it picked up eight paisa for selling at Rs 60.53, dealers said. The rupee followed the same pattern against euro, gaining 65 paisa for buying and selling at Rs 84.40 and Rs 84.50, they said.

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KERB BUYING             Rs 60.48

KERB SELLING            Rs 60.53

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

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Buying                Rs 60.71

Selling               Rs 60.73

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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   9.90       9.90       9.90        9.95           9.91

1-Week      9.80       9.85       9.90        9.90           9.86

2-Week      9.70       9.80       9.80        9.90           9.80

1-Month     9.35       9.45       9.45        9.50           9.44

2-Months    9.25       9.35       9.35        9.45           9.35

3-Months    9.25       9.40       9.30        9.45           9.35

4-Months    9.25       9.40       9.35        9.45           9.36

5-Months    9.25       9.40       9.30        9.45           9.35

6-Months    9.30       9.40       9.35        9.50           9.39

9-Months    9.35       9.40       9.35        9.50           9.40

1-Year      9.35       9.50       9.40        9.60           9.46

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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   9.95      10.00      10.00       10.10          10.01

1-Week      9.90       9.95       9.95       10.00           9.95

2-Week      9.75       9.85       9.80        9.90           9.83

1-Month     9.50       9.70       9.60        9.75           9.64

2-Months    9.45       9.70       9.60        9.80           9.64

3-Months    9.45       9.75       9.50        9.80           9.63

4-Months    9.50       9.75       9.60        9.80           9.66

5-Months    9.50       9.90       9.65        9.90           9.74

6-Months    9.60      10.00       9.75       10.10           9.86

9-Months    9.75      10.10      10.00       10.25          10.03

1-Year      9.90      10.25      10.10       10.40          10.16

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RUPEE IN LAHORE: The rupee gained five paisa against dollar in Lahore currency market on Tuesday.Dealers said the dollar remained under selling pressure due to increase in its supply that helped rupee appreciation. The dollar was traded at Rs 60.40 and Rs 60.50 against Monday's closing of Rs 60.45 and Rs 60.55, respectively, they said.
The rupee continued rising trend and improved against pound sterling. The pound's buying rate declined from overnight closing of Rs 122.60 to Rs 121.80 while its selling rate moved down from Rs 122.90 to Rs 122.20, dealers said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee-dollar parity remained unchanged at the currency markets of Islamabad and Rawalpindi on Tuesday.
The dollar opened at Rs 60.60 (buying) and Rs 60.70 (selling) against same overnight value. It did not observe any change in the second session and closed at Rs 60.60 (buying) and Rs 60.70 (selling).
Pound sterling opened at Rs 122.60 (buying) and Rs 122.70 (selling) against last rate of Rs 122.50 (buying) and Rs 122.60 (selling). It did not observe any change in the last trading hours and closed at Rs 122.60 (buying) and Rs 122.70 (selling).
Copyright Business Recorder, 2007