THE RUPEE: dollar may cross 86 mark

KARACHI: As a result of high demand for dollars the rupee started showing weakness, it appeared heading to cross 86 level versus the greenback, dealers said. The rupee drifted lower against dollar, losing 25 paisa for buying and selling at 85.90 and 85.95, they said.

INTERBANK MARKET RATES:
It was increasing demand by importers, which did not allow the rupee to retain its level versus dollar, they said. At the week-end, the US dollar rallied while the euro slid to a new two-month low as growing fears about the euro zone’s debt crisis prompted investors to embrace safety and shun risk. Mounting speculation that Portugal will need to follow Ireland in seeking financial aid unsettled nervous investors.

OPEN MARKET RATES: In line with the interbank market trend, the rupee continued its fall against dollar, shedding 15 paisa for buying and selling at 85.55 and 85.70, they said. The rupee also dropped by 24 paisa in relation to euro for buying and selling at Rs 112.74 and Rs 113.24, they added.
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Open Buying      Rs 85.55
Open Selling     Rs 85.95
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Interbank Closing Rates: Interbank Closing Rates For Dollar on Friday.
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Buying           Rs 85.90
Selling          Rs 85.95
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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 12.00      13.25       12.25       13.40      12.73
1-Week       11.10      12.65       12.50       12.75      12.25
2-Week       11.25      12.60       12.50       12.70      12.26
1-Month      11.50      12.65       12.60       12.75      12.38
2-Months    12.00      12.70       12.60       12.80      12.53
3-Months    12.40      12.80       12.70       12.90      12.70
4-Months    12.50      12.85       12.75       12.90      12.75
5-Months    12.70      13.00       12.85       13.10      12.91
6-Months   12.80      13.00       12.90       13.15      12.96
9-Months   12.70      13.10       12.95       13.20      12.99
1-Year        12.80      13.10       13.00       13.25      13.04
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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     12.00      13.30       12.25       13.40      12.74
1-Week           11.50      12.70       12.50       12.75      12.36
2-Week           12.10      12.70       12.60       12.80      12.55
1-Month         12.25      12.70       12.60       12.80      12.59
2-Months       12.40      12.90       12.75       13.00      12.76
3-Months       12.50      13.10       12.90       13.25      12.94
4-Months       12.60      13.15       13.00       13.25      13.00
5-Months       12.70      13.20       13.10       13.30      13.08
6-Months       12.80      13.25       12.90       13.35      13.08
9-Months       12.90      13.30       13.10       13.40      13.18
1-Year            13.10      13.40       13.20       13.45      13.29
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RUPEE IN LAHORE: The Pak rupee remained under pressure and lost five paisa on buying side and ten paisa on selling side against the US dollar in the open market on Saturday.According to the currency dealers, because of increase in dollar’s demand, its rate moved up and finally closed at Rs 85.40 and Rs 85.80 as its buying and selling rates against the overnight closing of Rs 85.35 and Rs 85.70 respectively.However, the rupee showed stability and remained unchanged against the pound sterling.The pound was purchased and sold at Friday closing of Rs 134.00 and Rs 134.70 respectively, the dealers said – Brecorder