The rupee suffered all round loss in the currency market on Saturday in process of trading, moneychangers said. In the interbank market, the rupee continued its downward slide against dollar, losing one paisa for buying and selling at Rs 60.48 and Rs 60.49 respectively, they said.
Rising demand for dollar pushed the rupee down slightly, currency experts said. In the New York markets, at the weekend, the US currency was down broadly after the Federal Reserve slashed its discount rate on loans to banks and said US economic growth could slow in light of tightening credit markets.
The dollar started to pull back from a seven-week high against the basket of major currencies after investors sought safe-haven bids in low-interest currencies and US Treasuries in the midst of global equities weakness.
OPEN MARKET RATES: The rupee shed two paisa against dollar for buying and selling at Rs 60.77 and at Rs 60.82, they said. The rupee also adopted the same pattern against euro, lower by 35 paisa for buying and selling at Rs 81.55 and Rs 81.65, they said.
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KERB BUYING Rs 60.77
KERB SELLING Rs 60.82
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INTERBANK CLOSING RATES: Interbank closing rates for dollar on Saturday.
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Buying Rs 60.48
Selling Rs 60.49
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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 6.50 9.25 6.75 9.50 8.00
1-Week 8.90 9.15 9.15 9.20 9.10
2-Weeks 8.90 9.10 9.15 9.25 9.10
1-Month 9.00 9.15 9.15 9.25 9.14
2-Months 9.00 9.30 9.15 9.35 9.20
3-Months 9.10 9.30 9.20 9.35 9.24
4-Months 9.10 9.35 9.25 9.40 9.28
5-Months 9.15 9.30 9.30 9.40 9.29
6-Months 9.20 9.40 9.30 9.50 9.35
9-Months 9.25 9.40 9.35 9.50 9.38
1-Year 9.25 9.50 9.35 9.60 9.43
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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 7.25 9.30 7.75 9.65 8.49
1-Week 9.10 9.50 9.30 9.60 9.38
2-Weeks 9.20 9.40 9.30 9.50 9.35
1-Month 9.25 9.50 9.40 9.60 9.44
2-Months 9.25 9.75 9.50 9.85 9.59
3-Months 9.50 9.90 9.70 10.00 9.78
4-Months 9.60 9.90 9.75 10.10 9.84
5-Months 9.75 10.00 9.90 10.25 9.98
6-Months 9.75 10.10 10.00 10.25 10.03
9-Months 10.00 10.50 10.25 10.60 10.34
1-Year 10.10 10.60 10.30 10.75 10.44
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RUPEE IN LAHORE: The rupee lost two paisa against the dollar in the kerb market here on Saturday.
Currency dealers described the rise in demand for the dollar in the local market as reason for the rupee weakness. The dollar was traded at 60.70 and 60.80 on buying and selling counters against Friday's Rs 60.68 and Rs 60.78.
The rupee was also weaker against pound sterling at Rs 120.15 (buying) and Rs 120.40 (selling).
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee remained firm against the dollar at the currency exchange establishments of Islamabad and Rawalpindi on Saturday.
The dollar opened at Rs 60.90 (buying) and Rs 61 (selling) against the overnight value. It did not observe any change in the second session and closed on same rates.
Pound sterling opened at Rs 123.30 (buying) and Rs 123.70 (selling). It also closed on the same levels.
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