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Firm trend was witnessed on the interbank market on Wednesday as the rupee gained five paisa against dollar for buying and selling at 81.40 and 81.45, dealers said. All the eyes were set on developments on the economic front, awaiting word on whether the government was going to request loans from the International Monetary Fund (IMF) to avoid a balance of payments crisis.
During the third Asian trading session, the euro extended losses against dollar and yen, hit by a bleak economic outlook and expectations for lower interest rates in the euro zone. The euro hit a fresh 20-month low against dollar to a low of $1.3002 and fell to a four-year low against yen of 130.17 yen.
OPEN MARKET RATES: The rupee failed to retain its firmness, shedding 50 paisa against dollar for buying at 83.00 and it also lost 20 paisa for selling at 83.20 till 17:00, they said. The rupee rose sharply against euro for buying and selling at Rs 108.15 and Rs 108.30, they added.



================================
Open Buying Rs 83.00
Open Selling Rs 83.20
================================

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



==============================
Buying Rs 81.40
Selling Rs 81.45
==============================
=================================================================
Repo Rates (Yield p a)
-----------------------------------------------------------------
Tenor Low Bid High Bid Low Offer High Offer Average
=================================================================
Overnight 7.00 10.50 8.00 11.00 9.13
1-Week 9.75 10.40 10.25 10.75 10.29
2-Week 10.75 11.25 11.25 11.75 11.25
1-Month 11.75 12.10 12.00 12.25 12.03
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 18.00 14.00 19.00 16.00
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 0.50 on buying side (Rs 83.00) and Rs 1.50 on selling side (Rs 85.00) against the greenback in the open market on Wednesday. There was no uniformity in the dollar's rates in local kerb and different moneychangers quoted different rates with a variation of one-rupee. At the end of trading, the dollar closed at Rs 83.00 on buying side and Rs 85.00 on selling side against the overnight closing rates of Rs 82.50 and Rs 83.50, respectively.
However, the rupee showed strength and maintained rising trend against the British pound. The pound was traded at Rs 137.50 and Rs 142.00 on buying and selling counters against the Tuesday closing of Rs 139.50 and Rs 142.50, respectively
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar remained firm against the rupee at the open currency markets of Islamabad and Rawalpindi on Wednesday. The dollar opened at opened Rs 83.00 (buying) and Rs 83.50 (selling) against same last rate. 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 137.00 (buying) and Rs 138.00 (selling) against last rate of Rs 144.00 (buying) and Rs 145.00 (selling). It did not observe further change in the second session and closed at Rs 137.00 (buying) and Rs 138.00 (selling).
Copyright Business Recorder, 2008

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