Firmness prevailed on the local currency market on Monday as the rupee stood firm versus dollar, dealers said. On the interbank market the rupee did not show any change at 85.60 and it inched up after gain one paisa for selling at 85.64, they said.
The rupee, somehow, maintained its weekend levels on the back of easy supply of dollars, marketmen said. In the first Asian trade euro pulled back from two-month highs, as investors booked profits on its rally while lingering concerns about Europe's sovereign debt problems looked likely to keep a lid on future gains.
High-yielding currencies like the Australian and New Zealand dollars were also under pressure as subdued US data and falling equities led investors to shun risky trades. The Indian rupee fell to its lowest level in two weeks weighed down by dollar demand from two large corporates and a sharp fall in the offshore forward rupee.
The partially convertible rupee closed at 47.12/13 per dollar, after hitting 47.13, which was its weakest since July 7, and 0.7 percent below Friday's close on 46.80/81. The yuan closed lower against dollar after the Chinese central bank fixed a weaker mid-point, reflecting a global rebound in dollar but also indicating its reluctance to let yuan appreciate too far, too fast.
Dollar/yuan offshore forwards rose in late trade, reflecting trimmed-down expectations of yuan appreciation, after the People's Bank of China set the yuan's reference rate against dollar at a weaker-than-expected 6.7800, down sharply from Friday's 6.7718. Interbank buy/sell rates for the taka against dollar on Monday. 69.40/69.42 (previous 69.40/69.42). Call Money Rates: 2.50-3.00 percent (previous 2.50-3.00 percent).
OPEN MARKET RATES: The rupee was unchanged in terms of dollar for buying and selling at 85.70 and at 85.85, dealers said. The rupee also gained by 15 paisa versus euro for buying and selling at Rs 110.35 and Rs 110.85, they added.
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Open Buying Rs 85.70
Open Selling Rs.85.85
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Monday.
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Buying Rs.85.60
Selling Rs.85.64
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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 12.30 11.90 12.40 12.09
1-Week 11.00 12.00 12.00 12.05 11.76
2-Week 11.10 12.00 12.00 12.10 11.80
1-Month 11.25 12.05 12.00 12.10 11.85
2-Months 11.45 12.05 12.00 12.10 11.90
3-Months 11.75 12.10 12.10 12.15 12.03
4-Months 11.75 12.10 12.10 12.20 12.04
5-Months 11.75 12.15 12.10 12.25 12.06
6-Months 11.95 12.15 12.10 12.25 12.11
9-Months 11.90 12.15 12.10 12.25 12.10
1-Year 12.00 12.20 12.10 12.30 12.15
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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 12.00 12.40 12.11
1-Week 11.25 12.15 12.10 12.25 11.94
2-Week 11.50 12.20 12.10 12.25 12.01
1-Month 11.75 12.20 12.10 12.25 12.08
2-Months 12.00 12.15 12.15 12.25 12.14
3-Months 12.00 12.25 12.10 12.30 12.16
4-Months 12.00 12.25 12.15 12.30 12.18
5-Months 12.10 12.25 12.20 12.30 12.21
6-Months 12.10 12.30 12.20 12.35 12.24
9-Months 12.15 12.35 12.25 12.45 12.30
1-Year 12.15 12.40 12.25 12.50 12.33
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RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee showed 20-paisa decline against the dollar at the open currency markets of Islamabad and Rawalpindi here on Monday.
The dollar opened at Rs 85.60 (buying) and 86.10 (selling) against the last rate at Rs 85.40 (buying) and Rs 85.90 (selling). It did not observe further change in the evening session and closed at Rs 85.60(buying) and Rs 86.10 (selling)
Pound Sterling opened at Rs 129.70(buying) and Rs 131.46 (selling) against the rate at Rs 127.86(buying) and Rs 129.33 (selling). It did not observe further change in the last trading hours and closed at Rs 129.70(buying) and Rs 131.46 (selling).
UAE Dirham opened at Rs 23.22 (buying) and Rs 23.36 (selling) in the morning session against the last rate at Rs 23.18 (buying) and Rs 23.35 (selling). The value of Dirham against the rupee remained unchanged in evening session and closed at Rs 23.22 (buying) and Rs 23.36 (selling).
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