Importers' rush for dollars, forced the rupee to drop four paisa further in relation to the dollar in the interbank market for buying and selling at 60.84 and 60.86, dealers said on Wednesday.
Dollars' supply was tight, moneychangers said expecting that the rupee may not lose sharply but it might face gradual fall in the coming days due to heavy payments.
In the international markets, the yen jumped against the dollar and the euro on Wednesday on surprisingly strong Japanese industrial output data that bolstered expectations for the Bank of Japan to bump up interest rates as soon as December.
Taking a cue from the US currency's weakness versus the yen, the euro extended gains to hit a fresh 20-month high against the dollar before falling back.
Japanese industrial production rose 1.6 percent in October from a month earlier, exceeding the median forecast in a Reuters poll for a decline of 0.5 percent and easing some worries about a sharp slowdown in the economy.
OPEN MARKET RATES: In line with the interbank trend, the rupee shed two paisa versus the dollar for buying at 60.80 and shedding seven paisa for selling at 60.90 as a result of rising demand by the corporate sector, they said. The rupee failed to retain its overnight gains in terms of the euro for buying and selling at Rs 79.80 and Rs 79.90, dealers said.
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Buying Rs 60.80
Selling Rs 60.90
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INTERBANK CLOSING RATES: Interbank closing rates for dollar on Wednesday.
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Buying Rs 60.84
Selling Rs 60.86
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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 8.75 9.20 9.00 9.25 9.05
1-Week 8.40 8.75 8.60 8.90 8.66
2-Weeks 8.40 8.70 8.65 8.90 8.66
1-Month 8.50 8.80 8.75 8.90 8.74
2-Months 8.65 8.90 8.75 9.00 8.83
3-Months 8.65 8.90 8.75 9.10 8.85
4-Months 8.70 9.00 8.85 9.15 8.93
5-Months 8.75 9.00 8.90 9.15 8.95
6-Months 8.80 9.10 8.90 9.20 9.00
9-Months 8.85 9.10 9.00 9.25 9.05
1-Year 8.90 9.10 9.10 9.35 9.11
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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 9.25 10.00 9.50 10.25 9.75
1-Week 9.00 9.75 9.50 10.00 9.56
2-Weeks 9.25 9.75 9.75 10.00 9.69
1-Month 9.75 10.50 10.00 10.75 10.25
2-Months 9.75 10.50 10.25 10.75 10.31
3-Months 10.25 10.75 10.50 11.00 10.63
4-Months 10.25 10.75 10.25 11.00 10.56
5-Months 10.25 10.75 10.50 11.00 10.63
6-Months 10.25 11.00 10.50 11.25 10.75
9-Months 10.25 11.00 10.50 11.25 10.75
1-Year 10.50 11.25 11.00 11.50 11.06
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RUPEE IN LAHORE: The rupee remained under pressure and further lost its worth by 5-paisa in relation to the greenback in the local currency markets on Wednesday.
According to the currency dealers, the dollar resumed trading at Tuesday's closing rates of Rs 60.80 and Rs 60.90 as its buying and selling rates, respectively.
As a result of fresh buying, the dollar gained strength and finished higher at Rs 60.85 and Rs 60.95 on buying and selling counters, respectively, the dealers added.
Similarly, the local currency could not get out of pressure and continued decline for the third consecutive day against the pound sterling. The British pound was purchased at Rs 118.00 and was sold at Rs 118.30 as compared to Rs 117.50 and Rs 117.80 of Tuesday, the dealers added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The buying and selling rates of dollar against the rupee remained unchanged at the open currency markets of Islamabad and Rawalpindi on Wednesday.
The dollar opened at Rs 60.80 (buying) and Rs 60.90 (selling) against same previous rate. It did not witness any further change in the evening session and closed at Rs 60.80 (buying) and Rs 60.90 (selling).
Pound Sterling opened at Rs 117.10 (buying) and Rs 117.30 (selling) against same overnight value. It did not witness further change in the second session and closed at Rs 117.10 (buying) and Rs 117.30 (selling).
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