Rates moved both ways against dollar on the currency market on Friday ahead of long weekend on account of Kashmir Day holiday on Saturday, dealers said. The rupee almost retained its overnight levels against dollar for buying and selling at 85.49 and at 85.54, they said.
INTERBANK MARKET RATES: At the final session in Asian trade euro was on the defensive after European Central Bank President Jean-Claude Trichet poured cold water on expectations for a near-term rate hike, wrong footing bulls who had expected more tough talk on inflation. Whether euro's retreat from a 12-week high will continue now hinges on US job data due later in the day, with a break of support around $1.3535-70 seen as a potential sign of more losses down the road.
Trichet, speaking after the ECB's decision to keep rates at a record low one percent on Thursday, said inflation expectations remain "firmly anchored" and inflationary pressures over the medium to long term "should remain contained". The Indian rupee weakened on Friday tracking choppy domestic shares and the euro's drop against dollar, and is expected to move in a narrow band with most Asian markets closed for the Lunar New Year holiday.
At 11:10 am (0540 GMT), the partially convertible rupee was at 45.6425/6500 per dollar, weaker than its 45.60/61 close on Thursday.
It is likely to move in 45.60-45.80 band intraday, dealers said, adding dollar sales from foreign funds would also weigh.
OPEN MARKET RATES: The rupee failed to retain its overnight level in relation to the dollar, losing five paisa for buying at 85.70 and shed 10 paisa for selling at 85.90, they added. The rupee extended its appreciation in terms of euro, gaining sharply by Rs 1.45 for buying and selling at Rs 116.15 and Rs 116.65, they said.
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Open Buying Rs 85.49
Open Selling Rs 85.54
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Friday.
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Buying Rs 85.70
Selling Rs 85.90
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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 11.25 12.25 11.50 12.40 11.85
1-Week 11.50 12.45 12.25 12.50 12.18
2-Week 11.60 12.70 12.70 12.75 12.44
1-Month 11.85 12.80 12.75 12.85 12.56
2-Months 12.40 13.15 13.15 13.25 12.99
3-Months 12.90 13.25 13.20 13.30 13.16
4-Months 13.00 13.30 13.25 13.35 13.23
5-Months 13.20 13.45 13.40 13.50 13.39
6-Months 13.35 13.50 13.45 13.55 13.46
9-Months 13.40 13.60 13.50 13.65 13.54
1-Year 13.45 13.60 13.55 13.65 13.56
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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 11.25 12.25 11.50 12.40 11.85
1-Week 12.00 12.50 12.50 12.55 12.39
2-Week 12.25 12.75 12.70 12.80 12.63
1-Month 12.40 12.95 12.90 13.00 12.81
2-Months 12.75 13.30 13.25 13.35 13.16
3-Months 13.00 13.40 13.30 13.50 13.30
4-Months 13.10 13.65 13.45 13.75 13.49
5-Months 13.20 13.70 13.50 13.75 13.54
6-Months 13.30 13.75 13.65 13.90 13.65
9-Months 13.30 13.75 13.70 13.90 13.66
1-Year 13.40 13.80 13.75 13.90 13.71
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RUPEE IN LAHORE: The rupee showed stability and remained unchanged on buying side (Rs 85.60), while it appreciated its worth by 10-paisa on selling side (Rs 85.80) against the greenback in the local currency market on Friday.
According to the currency dealers, the dollar's diminishing demand helped rupee appreciation in the open market. The dollar commenced trading at its overnight closing of Rs 85.60 and Rs 85.90 on buying and selling sides respectively. At the end of trading, the dollar's buying rate remained intact at Rs 85.60, while its selling rate was moved down from Rs 85.90 to Rs 85.80, the dealers added.
Likewise, rupee also maintained upward slide and appreciated its worth against the British pound. The pound's buying and selling rates declined to Rs 137.20 and Rs 138.00, as compared to previous closing of Rs 137.20 and Rs 138.50, respectively, the dealers said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee-dollar parity remained unchanged at the currency exchange establishments of Islamabad and Rawalpindi on Friday.
The dollar opened at Rs 85.90 (buying) and Rs 86.10 (selling) against same last rates. It did not observe further change in the evening session and closed at Rs 85.90 (buying) and Rs 86.10 (selling).
Pound sterling opened at Rs 136.30 (buying) and Rs 136.70 (selling) against same previous rates. It did not witness any change in the evening session and closed at Rs 136.30 (buying) and Rs 136.70 (selling).
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