The rupee failed to come out of the bottom on the local currency market on Wednesday due to slow demand for dollars, dealers said. On the interbank market the rupee shed two paisa versus dollar at 84.62 and 84.67 for buying and selling, they said.
In the third Asian trade euro fell broadly, hitting a five-month low against dollar on concern about Greece's fiscal problems and breaking below a key chart level that could signal a bearish trend for the currency. The euro's slide below its 200-day moving average of around $1.4296 initially gave investors a technical sign to sell the currency, and its break below $1.4250 and then lows of December and September later triggered loss-cutting orders and sparked broad euro-selling, traders said. The euro dropped to a five-month trough versus sterling.
OPEN MARKET RATES: The rupee extended its fall, sliding five paisa for buying and selling at 85.50 and 85.60, they added. The rupee, however, recovered against euro, gaining 45 paisa for buying and selling at Rs 122.05 and Rs 122.55, they said.
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Buying Rs 84.62
Selling Rs 84.67
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Wednesday.
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Open Buying Rs.85.50
Open Selling Rs.85.60
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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 11.75 12.25 11.90 12.40 12.08
1-Week 11.60 11.95 11.95 12.10 11.90
2-Week 11.65 12.00 11.95 12.10 11.93
1-Month 11.75 12.00 12.00 12.05 11.95
2-Months 11.75 11.95 11.95 12.05 11.93
3-Months 11.80 11.95 12.00 12.05 11.95
4-Months 11.85 12.00 12.00 12.10 11.99
5-Months 11.85 12.00 12.00 12.10 11.99
6-Months 11.90 12.05 12.05 12.15 12.04
9-Months 11.90 12.05 12.05 12.15 12.04
1-Year 11.95 12.05 12.05 12.15 12.05
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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 11.75 12.30 11.90 12.40 12.09
1-Week 11.90 12.25 12.10 12.30 12.14
2-Week 11.95 12.15 12.10 12.25 12.11
1-Month 12.00 12.15 12.15 12.20 12.13
2-Months 12.00 12.15 12.10 12.25 12.13
3-Months 12.00 12.25 12.15 12.30 12.18
4-Months 12.15 12.25 12.20 12.30 12.23
5-Months 12.15 12.30 12.20 12.35 12.25
6-Months 12.15 12.30 12.25 12.35 12.26
9-Months 12.15 12.40 12.35 12.45 12.34
1-Year 12.25 12.45 12.40 12.50 12.40
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RUPEE IN LAHORE: The rupee declined by 20 paisa on buying side and 30 paisa on selling side in relation to dollar at Lahore currency market on Wednesday. The dollar resumed trading on a positive note. It closed at Rs 85.70 and Rs 86.10 as its buying and selling rates against overnight Rs 85.50 and Rs 85.80, respectively, dealers said.
They said that the rupee showed strength against British pound. The pound was traded at Rs 138.30 and Rs 139.20 as compared to Tuesday's Rs 138.50 and Rs 139.50, respectively, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar was up by 45 paisa against the rupee at the open currency markets of Islamabad and Rawalpindi here on Wednesday. The dollar opened at Rs 85.45 (buying) and Rs 85.55 (selling) against the rate of Rs 85.00 (buying) and Rs 85.10 (selling). It did not observe further change in the last trading hours and closed at Rs 85.45 (buying) and Rs 85.55 (selling).
Pound Sterling opened at Rs 138.00 (buying) and Rs 138.10 (selling) against the rate of Rs 137.90 (buying) and Rs 138.00 (selling). British currency did not observe further fluctuation in the last trading hours and closed at Rs 138.00 (buying) and Rs 138.10 (selling).
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