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The Discrete Wavelet Transform is the most powerful and new signal compression technique which uses multiresolution analysis for analyzing speech signal. Here we are doing parallel speech compression using two different wavelet transforms like Haar wavelets and Bi-orthogonal wavelet transformation (Bior). The resultant of components which are in high frequency bands are fusioned together and difference signal are used to reconstruct the speech which will gives the enhancement in speech signal with less loss speech data in high frequency portion.