Upward trend was witnessed in the open market on Friday as the rupee gained five paisa versus the dollar for buying and selling at 60.55 and 60.65, dealers said.
It noticed that demand for dollars by the importers was increasing, but on the other hand handsome supplies of the US currency enable the rupee to obtain its firmness. Generally, in the month of Ramazan the overseas Pakistanis send foreign exchange to their relatives to make special arrangements to observe the holy month and celebrate Eid-ul-Fitr with great zeal.
The rupee also picked up 19 paisa in terms of the euro for buying and selling at Rs 76.69 and 76.79, they said.
The dollar's hide-and-seek versus the other major currencies continues over the Fed's next move about the interest rates, giving a signal to the market players that the greenback might not retain its gain in the coming days due to weak fundamentals, money experts said.
In the international markets, the dollar rose against the yen ahead of the US jobs data that will give the market further insights on the economy's health and whether the Federal Reserve's next move could be to lower interest rates.
INTERBANK RATES: Range-bound trading was seen as the rupee moved slightly versus the dollar for buying and selling at 60.56 and 60.57, moneychangers said.
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Buying Rs 60.55
Selling Rs 60.65
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INTERBANK CLOSING RATES: Interbank closing rates for dollar on Friday.
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Buying Rs 60.56
Selling Rs 60.57
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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 9.25 9.40 9.30 9.45 9.35
1-Week 8.60 8.90 9.00 9.25 8.94
2-Weeks 8.60 9.00 8.75 9.25 8.90
1-Month 8.50 8.75 8.70 9.00 8.74
2-Months 8.55 8.80 8.70 8.90 8.74
3-Months 8.55 8.85 8.70 9.00 8.78
4-Months 8.60 8.90 8.75 9.10 8.84
5-Months 8.65 8.90 8.80 9.15 8.88
6-Months 8.70 9.00 8.85 9.20 8.94
9-Months 8.75 9.00 9.00 9.25 9.00
1-Year 8.85 9.10 9.10 9.35 9.10
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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 9.75 10.25 10.00 10.50 10.13
1-Week 9.50 10.00 9.75 10.25 9.88
2-Weeks 9.50 10.00 10.00 10.25 9.94
1-Month 9.75 10.25 10.00 10.50 10.13
2-Months 9.75 10.25 10.00 10.50 10.13
3-Months 9.75 10.50 10.25 10.75 10.31
4-Months 10.00 10.50 10.25 10.75 10.38
5-Months 10.00 10.50 10.25 10.75 10.38
6-Months 10.00 10.50 10.25 10.70 10.38
9-Months 10.25 10.75 10.50 11.00 10.63
1-Year 10.50 10.75 11.00 11.25 10.88
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RUPEE IN LAHORE: The rupee failed to maintain its position and marginally declined by five paisa in relation to the greenback in the local currency markets on Friday.
According to the currency dealers, the dollar resumed trading at overnight closing levels of Rs 60.65 and Rs 60.75 on buying and selling sides, respectively. As a result of slight increase in dollar's demand, its rate moved up and closed at Rs 60.70 and Rs 60.80 on buying and selling sides, respectively, the dealers added.
On the contrary, the local currency recovered earlier loss against the pound sterling. The British pound was purchased at Rs 113.50 and was sold at Rs 113.80 as compared to Thursday's closing rates of Rs 114.10 and Rs 114.50, the dealers added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee-dollar parity remained unchanged at the open currency markets of Islamabad and Rawalpindi on Friday.
The dollar opened at Rs 60.70 (buying) and Rs 60.80 (selling) against same overnight value. Ever favorite greenback did not observe any further change in the last trading hours and closed at Rs 60.70 (buying) and Rs 60.80 (selling).
Pound Sterling opened at Rs 113.50 (buying) and Rs 113.70 (buying) against same previous rate. The British currency did not observe any major fluctuation by the end of evening session and closed at Rs 113.50 (buying) and Rs 113.70 (buying).
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