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The rupee strive hard to hold its overnight levels against dollar on the interbank market on Tuesday, but failed to retain, losing 25 paisa for buying at 81.45 and it also shed 10 paisa for selling at 81.50, dealers said. The rupee ended weaker on import payments but dealers said there was talk of verbal intervention by the State Bank of Pakistan (SBP) which helped the rupee stay firm around 81 versus dollar.
During the middle of the day, the rupee was quoted at 81.25 and 81.75 against dollar. Last week the rupee set a record low of 84.40 but suspected central bank intervention helped it recover to trade at around the level of 81.00. There was dullness amid uncertainty about the economic situation regarding International Monetary Fund (IMF) assistance and foreign inflows, currency viewers said.
They also said that there are still some import payments due but the rupee probably won't recover until there is some clarity on inflows. During the second Asian trading session dollar held near a 16-month high against a basket of currencies, benefiting from worries over a deterioration in the global economy. The US currency edged up as traders cited ongoing demand from banks picking up dollars for their funding needs, as well as some speculation that market players needed to acquire dollars to settle credit derivatives tied to the bankruptcy of Lehman Brothers. The dollar got a boost from Federal Reserve Chairman Ben Bernanke's testimony to Congress on Monday endorsing more government spending to stimulate the US economy.
OPEN MARKET RATES: The rupee gained 1.20 against dollar for buying at 82.50 and it also rose by Re.1 for selling at 83.00 till 18:00, they said. In the meantime, the rupee touched the high level at 86 in relation to dollar just at the starting session of the day, they added. The rupee also gained sharply against euro for buying and selling at Rs 110.85 and Rs 111.00, they added.



================================
Open Buying Rs 82.50
Open Selling Rs 83.00
================================

Interbank Closing Rates: Interbank Closing Rates For Dollar On Tuesday.



==============================
Buying Rs 81.45
Selling Rs 81.50
==============================
=================================================================
Repo Rates (Yield p a)
-----------------------------------------------------------------
Tenor Low Bid High Bid Low Offer High Offer Average
=================================================================
Overnight 8.25 10.50 8.50 11.00 9.56
1-Week 9.75 10.25 10.00 10.50 10.13
2-Week 11.00 11.25 11.25 11.50 11.25
1-Month 11.75 12.00 11.90 12.10 11.94
2-Months 12.30 12.40 12.40 12.50 12.40
3-Months 12.40 12.50 12.50 12.60 12.50
4-Months 12.40 12.55 12.50 12.60 12.51
5-Months 12.45 12.60 12.55 12.65 12.56
6-Months 12.50 12.65 12.60 12.70 12.61
9-Months 12.50 12.65 12.60 12.70 12.61
1-Year 12.55 12.65 12.65 12.75 12.65
=================================================================
Call Rates (Yield p a)
-----------------------------------------------------------------
Tenor Low Bid High Bid Low Offer High Offer Average
=================================================================
Overnight 13.00 19.00 14.00 20.00 16.50
1-Week 13.00 17.00 14.00 18.00 15.50
2-Week 13.00 17.00 14.00 18.00 15.50
1-Month 12.50 16.00 13.50 17.00 14.75
2-Months 13.00 15.00 14.00 16.00 14.50
3-Months 13.00 15.00 14.00 16.00 14.50
4-Months 13.00 15.00 14.00 16.00 14.50
5-Months 13.50 15.50 14.50 16.50 15.00
6-Months 13.50 15.50 14.50 16.50 15.00
9-Months 14.50 16.00 15.50 17.00 15.75
1-Year 14.50 16.00 15.50 17.00 15.75
=================================================================

RUPEE IN LAHORE: The Pak rupee failed to maintain upward slide and lost its value by Rs 2.50 on buying side while it increased by Rs 1.50 on selling side against the greenback in the open market on Tuesday. There was no uniformity in the dollar's worth and different moneychangers quoted different rates with a variation of one-rupee. At the end of trading, the dollar ended at Rs 82.50 on buying side and Rs 83.50 on selling side against the overnight closing of Rs 80.00 and Rs 85.00, respectively.
However, the rupee showed strength and maintained rising trend against the British pound. The pound was traded at Rs 139.50 and Rs 142.50 on buying and selling counters against the Monday closing of Rs 140.50 and Rs 145.00, respectively.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar gained 50 paisa against the rupee at the open currency markets of Islamabad and Rawalpindi on Tuesday. The dollar opened at Rs 83.00 (buying) and Rs 83.50 (selling) against the last rate of Rs 82.50 (buying) and Rs 83.00 (selling). It did not observe further change in the second session and closed at Rs 83.00 (buying) and Rs 83.50 (selling). Pound Sterling opened at Rs 144.00 (buying) and Rs 145.00 (selling) against the last rate. It did not observe further change in the second session and closed at Rs 144.0 (buying) and Rs 145.00 (selling).
Copyright Business Recorder, 2008

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