Steady trend was seen on the local currency market on Monday as dollar supply was enough to meet the demand, dealers said. On the interbank market the rupee inched up with a gain of three paisa versus dollar for buying at 85.72 and rose by two paisa for selling at 85.76, marketmen said.
Upward trend in remittances helped the rupee to recover modestly in terms of dollar, they said. In the first Asian trade dollar remained under pressure following weak US jobs figures, with the market cautiously awaiting a Federal Reserve policy meeting later this week, brokers said.
The dollar fetched 85.37 yen in Tokyo morning trade, down from 85.51 yen in New York late Friday. The euro changed hands at 1.3287 dollars, against 1.3280 in New York, and 113.41 yen, down from 113.53 yen. "Tokyo was taking over dollar-selling momentum from New York late last week, when weak unemployment figures were released," said Tomohiro Nishida, a dealer at Chuo Mitsui Trust Bank.
Some 131,000 jobs were lost and the unemployment rate remained stuck at 9.5 percent last month, the US government said on Friday, as federal and local governments slashed jobs.
The data added to the view that the Federal Reserve may be forced to do more to help the faltering US recovery along. "Now all eyes are on the FOMC (Federal Open Market Committee) meeting," Nishida said. China's yuan jumped against dollar to a record high in response to the central bank's decision to set yuan's reference rate at its highest since a landmark 2005 revaluation. The People's Bank of China fixed yuan's daily mid-point at 6.7685 versus dollar on Monday.
The Indian rupee edged higher aided by losses in dollar after disappointing US July payrolls and early gains in local shares, but dollar demand from importers limited a further rise.
At 10:40 am (0510 GMT), the partially convertible rupee was at 46.08/09 per dollar, after opening at 46.02 and slightly stronger than its 46.15/16 close on Friday, when it had touched 45.97 --its strongest since June 22.
OPEN MARKET RATES: The rupee was inert versus dollar for buying and selling at 85.75 and 85.90, dealers said. The rupee, however, lost Re.1 in relation to euro for buying and selling at Rs 113.00 and Rs 113.50, they added.
=========================
Open Buying Rs 85.75
Open Selling Rs 85.90
=========================
Interbank Closing Rates: Interbank Closing Rates For Dollar on Monday.
=========================
Buying Rs 85.72
Selling Rs.85.76
=========================
=================================================================
Repo Rates (Yield p a)
-----------------------------------------------------------------
Tenor Low Bid High Bid Low Offer High Offer Average
=================================================================
Overnight 12.00 12.80 12.25 12.90 12.49
1-Week 11.50 12.30 12.30 12.50 12.15
2-Week 11.60 12.35 12.40 12.50 12.21
1-Month 11.70 12.45 12.35 12.50 12.25
2-Months 11.85 12.45 12.30 12.50 12.28
3-Months 12.05 12.45 12.35 12.50 12.34
4-Months 12.10 12.45 12.40 12.50 12.36
5-Months 12.10 12.45 12.40 12.60 12.39
6-Months 12.25 12.50 12.45 12.60 12.45
9-Months 12.25 12.50 12.45 12.60 12.45
1-Year 12.30 12.60 12.50 12.70 12.53
=================================================================
Call Rates (Yield p a)
-----------------------------------------------------------------
Tenor Low Bid High Bid Low Offer High Offer Average
=================================================================
Overnight 12.00 12.85 12.30 12.90 12.51
1-Week 12.10 12.60 12.40 12.65 12.44
2-Week 12.10 12.50 12.40 12.60 12.40
1-Month 12.20 12.60 12.50 12.75 12.51
2-Months 12.25 12.80 12.50 12.90 12.61
3-Months 12.30 12.90 12.60 13.25 12.76
4-Months 12.30 12.90 12.60 13.25 12.76
5-Months 12.35 13.00 12.70 13.25 12.83
6-Months 12.40 13.10 12.75 13.30 12.89
9-Months 12.50 13.20 12.75 13.35 12.95
1-Year 12.60 13.25 12.80 13.40 13.01
=================================================================
RUPEE IN LAHORE: The rupee opened on a positive sign and improved its worth by 10 paisa on buying side and 5-paisa on selling side against the US dollar in the local currency market on Monday.
According to the currency dealers, the dollar resumed trading at its last week closing of Rs 85.70 and Rs 85.85 as its buying and selling rates. In the absence of buying support, the dollar could not sustain and marginally declined to Rs 85.60 and Rs 85.80 on buying and selling sides, respectively.
The rupee showed stability and remained unchanged on buying side while it improved its worth on selling side in relation to British pound. The pound was traded at Rs 135.20 and Rs 135.50 as compared to last Friday closing of Rs 135.20 and Rs 135.70, respectively, the dealers added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee remained firm against the dollar at the open currency markets of Islamabad and Rawalpindi here on Monday.
The dollar opened at Rs 85.40 (buying) and 85.90 (selling) against the same last rate Rs 85.40 (buying) and 85.90 (selling). It did not observe further change in the evening session and closed at Rs 85.40 (buying) and Rs 85.90 (selling)
Pound Sterling opened at Rs 134.02 (buying) and Rs 136.51 (selling) against the previous rate Rs 133.62 (buying) and Rs 136.04 (selling) It did not observe further change in the last trading hours and closed at Rs 134.02 (buying) and Rs 136.51 (selling).
UAE Dirham opened at Rs 23.14 (buying) and Rs 23.34 (selling) in the morning session against the same last rate Rs 23.16 (buying) and Rs 23.35 (selling). The value of Dirham against the rupee remained unchanged in evening session and closed at Rs 23.14 (buying) and Rs 23.34 (selling).
Comments
Comments are closed.