Further gain was seen in value in the open market on Wednesday as the rupee gained 10 paisa more against dollar for buying and selling at Rs 60.90 and Rs 61.00, money changers said. Increasing supply of dollars enabled the rupee to show its muscles and it is likely the rupee may retain its firmness in the coming days, they added.
The rupee, however, tumbled in terms of the euro, losing 51 paisa for buying and selling at Rs 83.06 and Rs 83.16, they said. In the world markets, dollar steadied after tumbling to a record low against euro and stuck near a 26-year trough against sterling as investors feared that growing US sub-prime mortgage woes could spread to the wider economy.
The dollar's broad decline accelerated early in the Asian session, especially against the low-yielding yen, as investors cut back on their exposure to higher-yielding but riskier assets.
INTERBANK MARKET RATES: The rupee held its overnight levels against the dollar for buying and selling at Rs 60.39 and Rs 60.40, dealers said.
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Buying Rs 60.39
Selling Rs 60.40
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INTERBANK CLOSING RATES: Interbank closing rates for dollar on Wednesday.
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Kerb Buying Rs 60.90
Kerb Selling Rs 61.00
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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 8.60 9.25 8.75 9.40 9.00
1-Week 8.50 8.75 8.60 8.85 8.68
2-Weeks 8.50 8.75 8.70 8.90 8.71
1-Month 8.65 8.80 8.75 8.90 8.78
2-Months 8.70 8.90 8.80 9.00 8.85
3-Months 8.75 8.90 8.85 9.00 8.88
4-Months 8.80 9.00 8.85 9.05 8.93
5-Months 8.85 9.00 8.95 9.10 8.98
6-Months 8.85 9.10 8.95 9.10 9.00
9-Months 8.90 9.10 9.00 9.15 9.04
1-Year 8.90 9.10 9.10 9.25 9.09
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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 8.75 9.40 8.90 9.50 9.14
1-Week 8.75 9.25 9.00 9.40 9.10
2-Weeks 8.90 9.25 9.00 9.40 9.14
1-Month 9.00 9.25 9.20 9.40 9.21
2-Months 9.25 9.50 9.40 9.70 9.46
3-Months 9.25 9.60 9.40 9.75 9.50
4-Months 9.40 9.75 9.65 9.90 9.68
5-Months 9.50 9.75 9.75 10.00 9.75
6-Months 9.75 10.00 10.00 10.25 10.00
9-Months 10.00 10.25 10.25 10.50 10.25
1-Year 10.00 10.50 10.25 10.75 10.38
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RUPEE IN LAHORE: The rupee improved by 10 paisa in relation to dollar on Lahore currency markets on Wednesday. According to dealers, the dollar resumed trading at Rs 61.05 and Rs 61.15 as its buying and selling rates, respectively. The dollar could not sustain due to contraction in demand and fell to Rs 61.00 and Rs 61.10 on buying and selling counters, respectively, dealers said.
On the contrary, the pound's buying rate continued to rise for the third consecutive day. The British pound was purchased and sold at Rs 122.90 and Rs 123.20, respectively, as compared to previous closing of Rs 122.20 and Rs 122.65, dealers added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar remained firm against the rupee at the currency markets of Islamabad and Rawalpindi on Wednesday.
The dollar opened at Rs 61 (buying) and Rs 61.10 (selling) against same overnight value. It did not observe any change in the last trading hours and closed at Rs 61 (buying) and Rs 61.10 (selling).
Pound sterling opened at Rs 122 (buying) and Rs 122.10 (selling) against same last rate. It did not observe any change in the evening session and closed at Rs 122 (buying) and Rs 122.10 (selling).
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