The general trend in the currency market was firm on Friday as the rupee mostly retained its Thursday levels versus the euro and dollar, money experts said. The rupee stayed put for buying in relation to dollar at 62.80 while it performed better, recovering two paisa at 62.82 for selling, they said.
In the fifth Asian trading dollar was steady against euro and yen as dealers sought fresh clues on the health of the faltering US economy, dealers said. They said the outlook for the greenback is foggy given uncertainty whether an end is yet in sight to the worst of the recent credit crunch. The dollar was quoted at 99.64 yen in Tokyo afternoon trade, little changed from 99.59 in New York late Thursday.
The euro rose to 1.5790 dollars from 1.5778 and to 157.31 yen from 157.20. "Heavy pressure on the dollar is continuing as dealers are cautious about the risks of the credit crunch and the US economic slowdown," said Yuya Koike, currency dealer at Hachijuni Bank.
"Although the dollar was bought temporarily for position adjusting this week, there's no reason to actively buy the greenback," he said. Investors were waiting for the release of US consumer spending data from February.
OPEN MARKET RATES: Firmness prevailed on the open market on Friday as the rupee held its overnight levels against dollar for buying and selling at 63.10 and 63.20, respectively. The demand and supply position was smooth, which enabled the rupee to hold its overnight levels in process of trading, currency analysts said.
The dollar's steadiness in the world market did not permit euro to look ahead versus the rupee, keeping at the overnight levels for buying and selling at Rs 99.30 and Rs 99.40, they said.
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Open Buying Rs 63.10
Open Selling Rs 63.20
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Interbank Closing Rates: Interbank Closing Rates For Dollar On Friday.
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Buying Rs 62.80
Selling Rs 62.82
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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 2.50 8.50 3.00 9.00 5.75
1-Week 8.00 8.50 8.50 8.75 8.44
2-Weeks 8.75 9.25 9.10 9.50 9.15
1-Month 9.25 9.50 9.40 9.60 9.44
2-Months 9.50 9.75 9.60 9.85 9.68
3-Months 9.50 9.80 9.60 9.90 9.70
4-Months 9.65 9.80 9.75 9.90 9.78
5-Months 9.65 9.90 9.75 10.00 9.83
6-Months 9.70 9.90 9.80 10.00 9.85
9-Months 9.75 10.00 9.90 10.10 9.94
1-Year 10.00 10.15 10.10 10.25 10.13
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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 2.00 8.25 2.50 8.50 5.31
1-Week 8.50 9.25 9.00 9.50 9.06
2-Weeks 9.00 9.50 9.50 9.75 9.44
1-Month 9.50 10.00 9.75 10.25 9.88
2-Months 9.75 10.00 10.00 10.25 10.00
3-Months 9.85 10.25 10.00 10.40 10.13
4-Months 9.85 10.25 10.00 10.40 10.13
5-Months 10.00 10.40 10.25 10.50 10.29
6-Months 10.00 10.40 10.25 10.50 10.29
9-Months 10.25 10.50 10.50 10.75 10.50
1-Year 10.25 10.75 10.50 11.00 10.63
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RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee remained firm against dollar at the currency markets of Islamabad and Rawalpindi on Friday.
The dollar opened at Rs 63.10 (buying) and Rs 63.20 (selling) against same last rate. It did not observe any change in the evening session and closed at Rs 63.10 (buying) and Rs 63.20 (selling).
Pound sterling opened at Rs 125.80 (buying) and Rs 125.90 (selling) against same overnight value. It did not observe further change in the second session and closed at Rs 125.80 (buying) and Rs 125.90 (selling).
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