Bullish sentiment was seen in the interbank dealings on Thursday as the rupee gained five paisa against dollar for buying and selling at Rs 61.20 and Rs 61.22, respectively. Rising demand for dollar was unusual as intending Hujjaj bought the US currency to meet their expenses during the Haj, moneychangers said.
But on the other hand, the overseas Pakistanis send dollars to their relatives to sacrifice animals and for other Eid expenses, currency experts said.
Both the factors helped in making up the demand and supply position in rupee's fsvour. So it is likely that the rupee may move both ways versus the greenback, they said.
According to the Reuters, the rupee has recovered from a three-year low set last week following the State Bank of Pakistan (SBP) decision to decrease the amount of cash reserves that banks have to maintain with them against their foreign currency deposits. During the fourth session, dollar slipped against other major currencies in Asian trade following uncertainty about how effective a central bank plan to ease a global credit crunch will be, dealers said.
The euro rose to 1.4720 dollars in Tokyo trade from 1.4702 dollars in New York late Wednesday, while dropping to 164.68 yen from 165.10 yen. The dollar eased to 111.90 yen from 112.21 yen. The greenback had shot up against yen in overseas trade on news of a joint initiative by the central banks of the United States, the Eurozone, Britain, Canada and Switzerland to jointly boosting liquidity.
OPEN MARKET RATES: The rupee shed five paisa for buying at 61.25 while it did not show any change for selling at 61.35, they said. The rupee continued its decline against the single European currency, losing 37 paisa for buying and selling at Rs 89.67 and Rs 89.77, they said.
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Open Buying Rs 61.25
Open Selling Rs 61.35
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INTERBANK CLOSING RATES: Interbank closing rates for dollar on Thursday.
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Buying Rs 61.20
Selling Rs 61.22
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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 4.00 9.40 4.50 9.50 6.85
1-Week 9.30 9.40 9.45 9.50 9.41
2-Weeks 9.35 9.50 9.45 9.60 9.48
1-Month 9.30 9.45 9.40 9.50 9.41
2-Months 9.25 9.35 9.35 9.45 9.35
3-Months 9.25 9.40 9.30 9.45 9.35
4-Months 9.25 9.40 9.35 9.50 9.38
5-Months 9.30 9.45 9.35 9.50 9.40
6-Months 9.30 9.50 9.40 9.55 9.44
9-Months 9.35 9.45 9.40 9.55 9.44
1-Year 9.35 9.50 9.40 9.55 9.45
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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 4.25 9.50 5.00 9.75 7.13
1-Week 9.40 9.60 9.50 9.75 9.56
2-Weeks 9.40 9.60 9.50 9.75 9.56
1-Month 9.50 9.70 9.60 9.75 9.64
2-Months 9.50 9.70 9.60 9.80 9.65
3-Months 9.50 9.75 9.60 9.80 9.66
4-Months 9.50 9.75 9.60 9.80 9.66
5-Months 9.50 9.90 9.65 9.90 9.74
6-Months 9.60 10.00 9.75 10.10 9.86
9-Months 9.75 10.10 10.00 10.25 10.03
1-Year 9.90 10.25 10.10 10.40 10.16
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RUPEE IN LAHORE: The rupee failed to maintain its position and lost five paisa against dollar in the open currency market on Thursday.
The dollar resumed trading at overnight closing level of Rs 61.15 and Rs 61.25 as its buying and selling rates, respectively. Because of increase in demand, its rate moved up and closed at Rs 61.20 and Rs 61.30 on buying and selling sides, respectively.
On the contrary, the rupee showed strength and increased its worth against the pound sterling. The pound was purchased at Rs 124.40 and sold at Rs 124.70 against Wednesday's closing of Rs 124.50 and Rs 124.80, the dealers said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee-dollar parity remained unchanged at the open currency markets of Islamabad and Rawalpindi on Thursday.
The dollar resumed trading opened at Rs 61.25 (buying) and Rs 61.35 (selling) against the last rate. It did not observe any change in the evening session and closed at Rs 61.25 (buying) and Rs 61.35 (selling).
Pound Sterling opened at Rs 124.50 (buying) and Rs 124.60 (selling) against the overnight value. It did not observe any change in the last trading hours and closed at Rs 124.50 (buying) and Rs 124.60 (selling).
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