The rupee continued its fall in relation to dollar on the currency market on Saturday due to rising demand of the US currency, dealers said. The rupee fell by nine paisa in relation to dollar for buying at 86.07 and 86.10 in process of trading, they said.
INTERBANK MARKET RATES: At the week-end, the euro zone debt crisis and its impact on bank balance sheets weighed on the euro and is likely to do so again next week. Meanwhile the possibility that the US Congress will fail to raise the government's statutory borrowing limit by August 2, which may result in a credit rating downgrade, weighed on the US dollar, particularly against the Swiss franc.
The more investors fear that heavily indebted euro-zone governments will be unable to repay their debts, the more the yields on their bonds rise, dragging down their value in banks' balance sheets, erasing their capital, and increasing the need for yet more bank bailouts by stronger euro-zone governments.
Europe's banks were in the spotlight on Friday when the European Banking Authority released its bank stress-test results, showing eight banks failed a test of their ability to withstand a prolonged recession.
OPEN MARKET RATES: The rupee extended its fall in relation to dollar, slipping five paisa more for buying and selling at 86.10 and 86.30, they added. The rupee, however, gained slightly against euro, rising 12 paisa for buying at Rs 121.44 and at Rs 121.94, they said.
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Open Buying Rs 86.10
Open Selling Rs 86.30
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Saturday.
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Buying Rs 86.07
Selling Rs.86.10
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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 13.00 13.90 13.25 13.90 13.51
1-Week 12.90 13.45 13.40 13.50 13.31
2-Week 13.00 13.40 13.40 13.45 13.31
1-Month 13.00 13.35 13.40 13.45 13.30
2-Months 13.10 13.35 13.40 13.45 13.33
3-Months 13.15 13.35 13.40 13.45 13.34
4-Months 13.15 13.40 13.40 13.50 13.36
5-Months 13.20 13.45 13.45 13.55 13.41
6-Months 13.25 13.50 13.50 13.60 13.46
9-Months 13.30 13.60 13.60 13.70 13.55
1-Year 13.40 13.65 13.65 13.75 13.61
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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 13.00 13.90 13.25 13.90 13.51
1-Week 13.00 13.45 13.40 13.50 13.34
2-Week 13.10 13.45 13.45 13.50 13.38
1-Month 13.15 13.40 13.40 13.45 13.35
2-Months 13.15 13.45 13.40 13.50 13.38
3-Months 13.20 13.50 13.45 13.60 13.44
4-Months 13.20 13.50 13.50 13.65 13.46
5-Months 13.25 13.55 13.50 13.65 13.49
6-Months 13.30 13.60 13.50 13.65 13.51
9-Months 13.50 13.70 13.60 13.75 13.64
1-Year 13.50 13.75 13.60 13.90 13.69
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RUPEE IN LAHORE: The rupee remained unchanged on buying side while it gained five paisa on selling side in relation to dollar at Lahore currency market on Saturday.
According to dealers, the dollar resumed trading at overnight Rs 85.90 and Rs 86.10 as buying and selling rates, respectively, but declined to Rs 85.90 and Rs 86.05 on buying and selling side, respectively.
However, the rupee-pound sterling parity remained unchanged as the pound was traded at Friday's rates of Rs 137.80 and Rs 138.60 on buying and selling counters, respectively, dealers said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee remained firm against dollar at the currency markets of Islamabad and Rawalpindi on Saturday.
The dollar opened at Rs 86.00 (buying) and Rs 86.25 (selling) against same overnight values. It did not observe further change in the second session and closed at Rs 86.00 (buying) and Rs 86.25 (selling).
Pound sterling opened at Rs 138.30 (buying) and Rs 138.45 (selling) against same overnight values. It did not observe further change in the evening session and closed at Rs 138.30 (buying) and Rs 138.45 (selling).
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