Lifting of emergency after nearly six weeks, aided the rupee to expand its gain versus dollar and euro in the currency market at the weekend, dealers said. The rupee made solid gains against dollar in the interbank market, gaining 16 paisa at 61.00 for buying and it rose by 15 paisa for selling at Rs 61.03, they said.
In the New York market, the US dollar rose sharply, posting its largest daily increase against euro in almost three years, after strong US consumer price data trimmed expectations for further interest rate cuts by the Federal Reserve.
The dollar rallied against major currencies for the third consecutive week, bolstered by a string of US economic reports showing higher-than-expected growth in consumer spending and higher inflation, though the data eased some concern that the credit crisis would drag the US economy into a recession.
OPEN MARKET RATES: The rupee picked up 20 paisa against dollar for buying and selling at Rs 60.90 and Rs 61.00, they said. The euro fell sharply against the rupee, rising Re.one for buying and selling at Rs 87.30 and Rs 87.40 as dollar struggled to get rid of weak trend in terms of the US currency, they said.
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Open Buying Rs 60.90
Open Selling Rs 61.00
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INTERBANK CLOSING RATES: Interbank closing rates for dollar on Saturday.
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Buying Rs 61.00
Selling Rs 61.03
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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 9.90 9.50 9.90 9.64
1-Week 9.50 9.75 9.75 9.90 9.73
2-Weeks 9.40 9.60 9.55 9.75 9.58
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 9.50 9.90 9.75 10.00 9.79
1-Week 9.75 10.00 9.85 10.10 9.93
2-Weeks 9.50 9.75 9.75 9.90 9.73
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 has demonstrated strength and increased by 20 paisa from the buying side against the dollar in the open currency market.
Currency dealers said decrease in demand for dollar helped the local currency to show improvement in its worth on the buying counter while it remained flat from the selling side. The dealers quoted the closing rate of dollar at Rs 60.80 and Rs 61.10 as against past day's Rs 61.00 and Rs 61.10.
The local currency depicted weakness against the pound sterling whose buying and selling rate fell to Rs 122.20 and Rs 123.00 from the overnight closing of Rs 123.30 and Rs 123.60.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee remained firm against the dollar at the open currency markets of Islamabad and Rawalpindi on Saturday.
The dollar opened at Rs 61.25 (buying) and Rs 61.35 (selling) against the last rate. It did not observe any change in the last trading hours 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 evening session and closed at Rs 124.50 (buying) and Rs 124.60 (selling).
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