All-round gains were witnessed on the local currency market on Tuesday as the rupee was able to make sharp gains in terms of dollar and euro, money experts said. The feature of the day was steep fall of euro versus the rupee as it slid in the world market following the unforeseen apprehensions, they said.
On the interbank market, the rupee appreciated by 24 paisa against dollar for buying at 83.90 and 22 paisa for selling at 83.96, they said. Commenting on the rupee's gains, they said that rise in the value of the rupee may prove short-lived due to the fiscal year-end dollar buying by importers to meet the oil payments.
In the second session of Asian trade, euro fell, giving up some of its gains made the previous day on news of a $1 trillion package to prevent the spread of the European debt crisis, as scepticism remains over Greece's ability to cut its large fiscal deficit smoothly.
Political uncertainty put pressure on sterling as Britain's two big rival political parties planned to resume courting the Liberal Democrats after Prime Minister Gordon Brown said he would step aside to try to keep his Labour Party in power. "The emergency package is likely to ask Greece to adopt very demanding steps to cut its debt, raising doubts over whether it will be able to implement such budget reforms," said Tsutomu Soma, senior manager of the foreign securities department at Okasan Securities.
In the meantime, the dollar/yuan NDFs slipped after a central bank adviser said China had signalled it was ready to let the yuan move more freely when it said it would manage the currency with reference to a basket of currencies in a quarterly monetary policy report.
Malaysian ringgit was trading at 3.1875 versus dollar and the Indian rupee weakened, a day after rebounding 1.4 percent, weighed down by dollar's rise against euro and a drop in domestic shares. At 10:35 am (0505 GMT), the partially convertible rupee was at 45.03/04 per dollar, 0.4 percent weaker than 44.8450/8550 at close on Monday, when it rose as high as 44.82.
OPEN MARKET RATES: The rupee recovered modestly, gaining 15 paisa for buying and selling at 84.00 and 84.15, dealers said. The rupee also gave up its overnight weakness versus euro, picking up Rs 2.80 for buying and selling at Rs 106.50 and Rs 107.00, they added.
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Open Buying Rs 84.00
Open Selling Rs 84.15
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Tuesday.
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Buying Rs.83.90
Selling Rs.83.96
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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 10.25 11.00 10.50 11.25 10.75
1-Week 10.60 11.00 11.00 11.20 10.95
2-Week 11.00 11.30 11.40 11.50 11.30
1-Month 11.20 11.60 11.55 11.70 11.51
2-Months 11.50 11.75 11.70 11.90 11.71
3-Months 11.65 11.90 11.90 12.00 11.86
4-Months 11.75 11.90 12.00 12.05 11.93
5-Months 11.80 11.90 12.00 12.05 11.94
6-Months 11.80 11.95 12.00 12.10 11.96
9-Months 11.95 12.10 12.10 12.15 12.08
1-Year 12.00 12.10 12.10 12.20 12.10
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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 10.25 11.00 10.50 11.25 10.75
1-Week 10.90 11.40 11.20 11.50 11.25
2-Week 11.25 11.60 11.40 11.80 11.51
1-Month 11.50 11.90 11.80 12.00 11.80
2-Months 11.75 12.10 12.00 12.20 12.01
3-Months 11.90 12.15 12.10 12.20 12.09
4-Months 12.00 12.20 12.15 12.25 12.15
5-Months 12.00 12.25 12.15 12.30 12.18
6-Months 12.00 12.25 12.15 12.30 12.18
9-Months 12.10 12.25 12.20 12.30 12.21
1-Year 12.15 12.30 12.25 12.40 12.28
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RUPEE IN LAHORE: The rupee-dollar parity remained unchanged at Lahore currency market on Tuesday.
The dollar opened at overnight Rs 84.10 and Rs 84.25 for buying and selling. It did not observe further change and closed at Rs 84.10 (buying) and Rs 84.25(selling). According to dealers, the rupee-dollar parity remained unchanged on account of consistent supply and demand situation.
However, the rupee appreciated against British pound. The pound's buying and selling rates were moved down to Rs 125.50 and Rs 126.30 as compared to Monday's Rs 125.70 and Rs 126.70, respectively, dealers said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee-dollar parity remained unchanged at the open currency markets of Islamabad and Rawalpindi here on Tuesday.
The dollar opened at Rs 83.80 (buying) and Rs 84.10 (selling) against the overnight value. It did not observe further change in the last trading hours and closed at Rs 83.80 (buying) and Rs 84.10 (selling). Pound Sterling opened at Rs 127.00 (buying) and Rs 128.10 (selling) against the previous rate. It did not observe further change in the evening session and closed at Rs 127.00 (buying) and Rs 128.10 (selling).
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