The dollar gave up overnight gains versus the rupee on the currency market on Wednesday, dealers said. The rupee rose by 31 paisa versus dollar for buying and selling at 85.70 and 85 75, they said. Some money experts said dollar demand is persisting but the rupee, somehow, managed to recover sharply on slight improvement of US currency supply.
INTERBANK MARKET RATES: In the third Asian trade yen struck a fresh 15-year high against dollar and edged closer to a nine-year peak against euro on a flare-up in worries over euro zone banks, prompting market players to test the will of Japanese authorities to intervene.
Persistent yen buying from investors seeking a temporary refuge in the yen in the face of European bank woes and US slowdown worries helped to push the greenback through a major option trigger below 83.50 yen. Malaysian ringgit was available at 3.1170 versus dollar, chines yuan was trading at 6.7970 in terms of dollar.
The Indian rupee edged higher on Wednesday tracking a rise in other Asian peers, but losses in local shares and the euro kept a lid on the gains. At 10:20 am (0440 GMT), the partially convertible rupee was at 46.77-78 per dollar, firmer than 46.84-85 at close on Tuesday.
OPEN MARKET RATES: The rupee gave up its overnight firmness against dollar, losing 25 paisa for buying at Rs 85.45 and it shed 15 paisa for selling at 85.55, they said. The rupee maintained its firmness versus euro by gaining 76 paisa for buying and selling at Rs 107.14 and Rs 107.64, they added.
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Open Buying Rs 85.45
Open Selling Rs 85.55
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Wednesday.
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Buying Rs 85.70
Selling Rs 85.75
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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 11.00 12.10 11.25 12.40 11.69
1-Week 11.60 12.15 12.00 12.25 12.00
2-Week 11.65 12.25 12.25 12.35 12.13
1-Month 11.70 12.35 12.35 12.40 12.20
2-Months 11.85 12.45 12.35 12.50 12.29
3-Months 12.00 12.45 12.40 12.50 12.34
4-Months 12.10 12.45 12.40 12.50 12.36
5-Months 12.10 12.45 12.40 12.55 12.38
6-Months 12.25 12.50 12.45 12.60 12.45
9-Months 12.25 12.50 12.45 12.65 12.46
1-Year 12.30 12.60 12.50 12.70 12.53
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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 11.10 12.25 11.25 12.40 11.75
1-Week 11.75 12.25 12.25 12.40 12.16
2-Week 11.75 12.40 12.30 12.50 12.24
1-Month 12.10 12.50 12.40 12.60 12.40
2-Months 12.25 12.70 12.60 12.75 12.58
3-Months 12.30 12.75 12.70 12.90 12.66
4-Months 12.30 12.90 12.70 13.00 12.73
5-Months 12.35 13.00 12.70 13.10 12.79
6-Months 12.40 13.10 12.80 13.25 12.89
9-Months 12.50 13.20 12.80 13.30 12.95
1-Year 12.60 13.25 12.80 13.35 13.00
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RUPEE IN LAHORE: The Pak rupee-dollar parity remained unchanged amid low trading activity in the local currency market on Wednesday.
According to the currency dealers, there was no visible change in the dollar's supply and demand condition that helped rupee stability in the open market. The dollar was traded at overnight closing of Rs 85.30 and Rs 85.60 as its buying and selling rates, respectively.
On the contrary, the rupee failed to maintain its day earlier position and declined against the British pound. The pound was purchased and sold at Rs 130.50 and Rs 131.50, as compared to Tuesday closing of Rs 130.00 and Rs 131.00, respectively, the dealers said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The value of rupee remained firm against the dollar at the open currency markets of Islamabad and Rawalpindi here on Wednesday.
The dollar opened at Rs 84.80 (buying) and Rs 85.30 (selling) against the last rate of Rs 84.80 (buying) and Rs 85.30 (selling). It did not observe further change in the evening session and closed at Rs 84.80 (buying) and Rs 85.30 (selling).
Pound Sterling opened at Rs 128.29 (buying) and Rs 132.12 (selling) against the previous rate of Rs 128.16 (buying) and Rs 132.02 (selling). It did not observe further change in the last trading hours and closed at Rs 128.29 (buying) and Rs 132.12 (selling).
UAE Dirham opened at Rs 22.88 (buying) and Rs 23.37 (selling) in the morning session against the last rate of Rs 22.88 (buying) and Rs 23.37 (selling). The value of Dirham against the rupee remained unchanged in the evening session and closed at Rs 22.88 (buying) and Rs 23.37 (selling).
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