THE RUPEE: Dollar 35 Paisa Cheaper On Interbank Market

Saturday, September 6, 2008 at 10:48 am under Business News THE RUPEE: Dollar 35 Paisa Cheaper On Interbank Market

KARACHI:The rupee maintained its overnight firmness against dollar in the interbank market on Friday, rising by 35 paisa for buying and selling at 76.55 and 76.60 in process of trading, dealers said. Expectations for inflows in huge amount of foreign exchange sent by the overseas Pakistanis helped the rupee halt its erosion, money experts said.

It is likely the rupee might be able to retain its stable trend versus dollar and euro, they added. In the final Asian trading euro fell to its lowest level in a year against dollar while yen shot up as the market digested a downgrade in the eurozone’s growth forecasts, dealers said.

The European Central Bank (ECB) on Thursday cut its growth forecast for the year to 1.4 percent from 1.8 percent. The 15-member eurozone in the second quarter suffered its first contraction since the bloc’s creation in 1999. The revision also had effects on yen as panicked dealers sold off dollar for the Japanese currency, which is low-yielding and often used to stock up for investment later elsewhere.

OPEN MARKET RATES: The rupee moved both ways against dollar as it gained 10 paisa for buying at 76.50 while it shed the same amount for selling at 77.00, dealers said. Sharp gain was seen in the value of the rupee against euro, picking Rs 2.10 for buying and selling at 108.25 and Rs 108.95, they said.

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Open Buiyng             Rs 76.50

Open Selling            Rs 77.00

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Interbank Closing Rates: Interbank Closing Rates For Dollar On Friday.

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Buying                Rs 76.55

Selling               Rs 76.60

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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    12.75     12.90      12.80        12.90        12.84

1-Week       12.40     12.60      12.65        12.75        12.60

2-Week       12.25     12.50      12.40        12.60        12.44

1-Month      12.15     12.40      12.35        12.50        12.35

2-Months     12.10     12.25      12.15        12.35        12.21

3-Months     12.10     12.30      12.20        12.35        12.24

4-Months     12.15     12.35      12.25        12.40        12.29

5-Months     12.20     12.35      12.30        12.40        12.31

6-Months     12.25     12.40      12.35        12.45        12.36

9-Months     12.25     12.40      12.35        12.45        12.36

1-Year       12.25     12.45      12.40        12.50        12.40

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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    14.00     18.00      14.50        19.00        16.38

1-Week       13.50     15.00      14.00        16.00        14.63

2-Week       13.00     14.50      13.50        15.00        14.00

1-Month      13.00     14.50      13.50        15.00        14.00

2-Months     13.00     14.50      13.50        15.00        14.00

3-Months     13.00     14.50      13.50        15.00        14.00

4-Months     13.25     14.50      13.75        15.00        14.13

5-Months     13.25     14.75      14.00        15.25        14.31

6-Months     13.50     15.00      14.00        15.50        14.50

9-Months     13.75     15.00      14.50        15.50        14.69

1-Year       14.00     15.50      14.75        15.75        15.00

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RUPEE IN LAHORE: The Pak rupee maintained upward trend and further improved by 10 paisa against the US dollar in the open currency market on Friday. The dollar’s demand could not remain intact, that helped rupee appreciation amid dull trading activity. The dollar, at the end of trading, closed lower at Rs 76.20 and Rs 76.60 on buying and selling sides against Thursday closing of Rs 76.30 and Rs 76.70, respectively.

Similarly, the rupee continued upward move and further strengthened against pound sterling. The pound’s buying rate slide down from overnight closing of Rs 135.50 to Rs 134.50 while its selling rate slipped from Rs 137.00 to Rs 136.00. The moneychangers said the local currency is expected to regain its loss against the other major currencies.

RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee gained 10 paisa against the dollar on the open currency markets of Islamabad and Rawalpindi on Friday. The dollar opened at Rs 76.40 (buying) and Rs 76.50 (selling) against the overnight rate of Rs 76.50 (buying) and Rs 76.60 (selling). It did not under go further change in the evening session and closed at Rs 76.40 (buying) and Rs 76.50 (selling). Pound Sterling opened at Rs 135 (buying) and Rs 135.75 (selling) against Thursday’s rate of Rs 136 (buying) and Rs 136.75 (selling). It did no further change was seen in the evening session and closed at Rs 135 (buying) and Rs 135.75 (selling).