Modest recovery was witnessed on the currency market on Friday amid mounting uncertainties on both the political and economic fronts following confrontations on memo issue, dealers said. The rupee picked up five paisa in relation to dollar for buying and selling at 89.55 and 89.60, they said.
INTERBANK MARKET DEALINGS: OPEN MARKET RATES: The rupee managed to recover 10 paisa in relation to dollar for buying and selling at 86.60 and 89.80, they said. The rupee, however, dropped by 23 paisa in terms of the euro for buying and selling at Rs 116.46 and Rs 116.96, they added.
Reuters adds: In the final Asian trade euro was poised to end its worst week in over a month on an upbeat note, taking heart from light short-covering in most riskier assets on Friday on the back of a well-bid Spanish bond sale and solid US economic data.
But the mood remained brittle with possible cuts in the credit ratings of euro zone countries looming after a key EU summit last week offered little respite to turbulent euro zone bond markets and cash-starved European banks. Dollar versus Indian rupee earlier slumped more than 2 percent and was on track to post its biggest single-day slide in more than two years. The pair also broke through the 61.8 percent Fibonacci retracement at 52.38 of its earlier rises this month as interbank speculators sold it.
But dollar/rupee recovered some of the slide as investors doubted the long-term effectiveness of the central bank's measures as Indian assets stayed unattractive given the country's worsening economic outlook. The yuan jumped to a record high on Friday against dollar on suspected intervention orchestrated by the central bank, its most explicit action in three months to deter speculators from bettiing on a fall in the currency The People's Bank of China (PBOC) offered large amounts of dollars via major state banks, propelling the yuan to a record high of 6.3294 per dollar, currency traders said.
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Open Buying Rs 89.55
Open Selling Rs 89.60
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Friday
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Buying Rs 89.60
Selling Rs 89.80
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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 11.75 11.25 11.90 11.48
1-Week 11.50 11.80 11.60 11.85 11.69
2-Week 11.60 11.80 11.80 11.85 11.76
1-Month 11.65 11.85 11.85 11.90 11.81
2-Months 11.70 11.85 11.80 11.90 11.81
3-Months 11.70 11.80 11.80 11.85 11.79
4-Months 11.70 11.75 11.80 11.85 11.78
5-Months 11.70 11.80 11.80 11.85 11.79
6-Months 11.65 11.75 11.80 11.85 11.76
9-Months 11.70 11.85 11.85 11.90 11.83
1-Year 11.70 11.85 11.85 11.90 11.83
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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 11.00 11.75 11.25 11.90 11.48
1-Week 11.60 11.85 11.75 11.90 11.78
2-Week 11.65 11.85 11.80 11.95 11.81
1-Month 11.70 11.90 11.90 12.00 11.88
2-Months 11.70 11.90 11.85 12.00 11.86
3-Months 11.80 11.90 11.85 12.00 11.89
4-Months 11.80 11.90 11.90 12.00 11.90
5-Months 11.85 11.90 11.90 12.00 11.91
6-Months 11.85 11.95 11.95 12.00 11.94
9-Months 11.85 12.00 12.00 12.10 11.99
1-Year 11.90 12.00 12.10 12.15 12.04
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RUPEE IN LAHORE: The rupee-dollar parity remained unchanged amid low trading activity in the local currency market on Friday.
According to the currency dealers, there was no change in the dollar's demand and supply situation that helped rupee stability. The dollar was traded at its overnight closing of Rs 89.40 and Rs 89.80, as its buying and selling rates, respectively.
On the contrary, the rupee remained under pressure and was declined against the pound sterling. The pound's buying and selling rates were improved from Thursday closing of Rs 138.00 and Rs 138.80 to Rs 138.50 and Rs 139.50, respectively, the dealers added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar showed an improvement of a rupee against the local currency at the open currency markets of Islamabad and Rawalpindi here on Friday.
The dollar opened at Rs 89.00 (buying) and Rs 89.20 (selling) against the last rate of Rs 88.00 (buying) and Rs 88.20 (selling). It did not observe further change in the second session and closed at Rs 89.00 (buying) and Rs 89.20 (selling).
Pound Sterling opened at Rs 138.00 (buying) and Rs 138.90 (selling) against the last rate of Rs 137.80 (buying) and Rs 137.90 (selling). It did not observe further change in the evening session and closed at Rs 138.00 (buying) and Rs 138.90 (selling).
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