Saqib, Thursday, September 9, 2010 02:23 PM,

THE RUPEE: 64 paisa gain in parity with dollar

RECORDER REPORT

KARACHI (February 21 2008): The interbank market cheered on Wednesday after the strong gains of 64 paisa in the rupee-dollar official parity rates for the second day in a row for buying and selling at 62.32 and 62.40, respectively.

Supply of dollars eased as the New York financial markets reopened after observing holiday on account of President Day, money experts said. They said that the whole nation was fed up with the uncertain condition in the country including business community, which is suffering due to losses in trade.

Now they were hoping that the inflows will increase as foreign investors will take interest in investment in Pakistan due to improved law and order situation, which is must for the business-friendly atmosphere, they said. Remittances will also go up with significant rise after restoration of confidence among the overseas Pakistanis, they said.

In the third session of Asian trade, dollar, recovering from a slide as traders brushed off a jump in oil prices to record highs above 100 dollars as it had limited impact on regional stock markets.

US crude traded around $99.33 a barrel, pulling away from a record high of $100.10 hit in the previous session on expectations that Opec may not raise output to ease already exorbitant prices.

OPEN MARKET RATES: The interbank market cheered on Wednesday after the strong gains of 64 paisa in the rupee-dollar official parity rates for the second day in a row for buying and selling at 62.32 and 62.40, respectively.

Supply of dollars eased as the New York financial markets reopened after observing holiday on account of President Day, money experts said. They said that the whole nation was fed up with the uncertain condition in the country including business community, which is suffering due to losses in trade.

Now they were hoping that the inflows will increase as foreign investors will take interest in investment in Pakistan due to improved law and order situation, which is must for the business-friendly atmosphere, they said. Remittances will also go up with significant rise after restoration of confidence among the overseas Pakistanis, they said.

In the third session of Asian trade, dollar, recovering from a slide as traders brushed off a jump in oil prices to record highs above 100 dollars as it had limited impact on regional stock markets. US crude traded around $99.33 a barrel, pulling away from a record high of $100.10 hit in the previous session on expectations that Opec may not raise output to ease already exorbitant prices.

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Open Buying Rs 63.15
Open Selling Rs 63.25
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INTERBANK CLOSING RATES: Interbank closing rates for dollar on Wednesday.

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Buying Rs 62.32
Selling Rs 62.40
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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 0.40 10.45 10.40 10.45 10.43
1-Week 9.75 10.20 10.00 10.30 10.06
2-Weeks 9.60 9.90 9.75 10.00 9.81
1-Month 9.50 9.75 9.65 9.80 9.68
2-Months 9.40 9.50 9.50 9.60 9.50
3-Months 9.40 9.55 9.50 9.75 9.55
4-Months 9.50 9.65 9.65 9.75 9.64
5-Months 9.50 9.75 9.65 9.80 9.68
6-Months 9.55 9.75 9.70 9.90 9.73
9-Months 9.60 9.80 9.70 9.90 9.75
1-Year 9.65 9.80 9.75 9.90 9.78
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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 10.40 10.75 10.50 11.00 10.66
1-Week 10.00 10.25 10.25 10.50 10.25
2-Weeks 9.75 10.00 10.00 10.25 10.00
1-Month 9.75 10.00 9.90 10.20 9.96
2-Months 9.75 10.10 10.00 10.25 10.03
3-Months 9.75 10.25 10.00 10.40 10.10
4-Months 9.75 10.25 10.00 10.40 10.10
5-Months 9.90 10.30 10.20 10.50 10.23
6-Months 10.00 10.30 10.25 10.50 10.26
9-Months 10.00 10.40 10.25 10.50 10.29
1-Year 10.10 10.50 10.30 10.60 10.38
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RUPEE IN LAHORE: The rupee gained strength against both dollar and pound amid high volatility in the Lahore currency market on Wednesday. The dollar opened below the Tuesday closing and kept moving down in the entire day's trading. It then began trading at Rs 62.80 on buying side against the overnight closing of Rs 63.35 and closed lower at Rs 61.50 and Rs 61.70 on buying and selling sides.

The rupee recovered most of its earlier losses against pound closing at Rs 119.00 and Rs 119.50 on buying and selling counters as compared to Tuesday's values of Rs 122.80 and Rs 123.20.

RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee remained firm against dollar at the currency markets of Islamabad and Rawalpindi on Wednesday.

The dollar opened at Rs 63 (buying) and Rs 63.10 (selling) against same last rate. It did not observe any change in the evening session and closed at Rs 63 (buying) and Rs 63.10 (selling).

Pound sterling opened at Rs 123 (buying) and Rs 123.25 (selling) against same last rate. It did not observe any change in the last trading hours and closed at Rs 123.25 (buying) and Rs 123.50 (selling).

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