Bullish sentiment was witnessed on the interbank market on Saturday as the rupee rose by 30 paisa against the dollar for buying and selling at 68.60 and 68.80, dealers said. The feature of the day was difference between the official and open market rates, which was only five-paisa gap.
This factor will definitely help in restoring the confidence of small dollar investors and will also discourage "Hundi" and "Hawala" system and speculative buying of the US currency, analysts said. Market sources said that the demand for dollars persisted but in the limited way, in the meantime, it is likely that the rupee may fall slightly if importers increased buying for greenback to meet the payment requirements.
In the NY trade at the weekend, dollar fell as a plunge in US consumer confidence raised concerns about an economic contraction in the second quarter and trimmed the chances the Federal Reserve will raise interest rates this year.
The unexpectedly sharp drop in a consumer sentiment index to a 28-year low in May eclipsed a report showing a rebound in building permits and construction starts for new US homes, which briefly triggered some dollar buying. "Consumer sentiment data are closely tied to consumer spending levels," said Andrew Busch, global FX strategist at BOM Capital Markets in Chicago.
OPEN MARKET RATES: By the official closing, the rupee shrugged of the weakness, gaining 25 paisa against dollar for buying at 68.65 and it also rose by 15 paisa for selling at 68.85, they said. The rupee extended its losses in relation to euro, falling 60 paisa for buying and selling at Rs 106.30 and Rs 106.40, they said.
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Open Buying Rs 68.65
Open Selling Rs 68.85
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Interbank Closing Rates: Interbank Closing Rates For Dollar On Saturday.
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Buying Rs 68.60
Selling Rs 68.80
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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 8.50 9.50 9.00 10.00 9.25
1-Week 9.15 9.50 9.25 9.60 9.38
2-Weeks 9.20 9.50 9.35 9.60 9.41
1-Month 9.35 9.60 9.50 9.80 9.56
2-Months 9.60 9.90 9.80 10.00 9.83
3-Months 9.75 10.00 9.90 10.10 9.94
4-Months 9.75 10.00 9.90 10.15 9.95
5-Months 9.85 10.10 10.00 10.20 10.04
6-Months 9.85 10.10 10.00 10.20 10.04
9-Months 10.00 10.25 10.15 10.30 10.18
1-Year 10.00 10.25 10.20 10.40 10.21
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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 9.00 11.50 9.25 12.00 10.44
1-Week 10.00 10.75 10.25 11.00 10.50
2-Weeks 10.25 10.50 10.40 10.75 10.48
1-Month 9.90 10.50 10.25 10.75 10.35
2-Months 10.25 10.50 10.50 10.75 10.50
3-Months 10.25 10.75 10.60 11.00 10.65
4-Months 10.50 11.00 10.75 11.25 10.88
5-Months 10.50 11.00 10.75 11.25 10.88
6-Months 10.60 11.25 10.80 11.50 11.04
9-Months 10.75 11.25 11.00 11.50 11.13
1-Year 10.75 11.50 11.00 11.75 11.25
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RUPEE IN LAHORE: The rupee on Lahore currency market on Saturday remained unchanged against dollar at its overnight level of Rs 69.00 and Rs 69.50 as buying and selling rates. It, however, witnessed a marginal fluctuation of 5 to 10 paisa in the day's trading but finally closed at the same level. The rupee touched a new low of Rs 133.80 and Rs 134.30 against the British pound as compared to Friday's closing Rs 133.00 and Rs 134.00.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee recovered 30 paisa against dollar at the currency markets of Islamabad and Rawalpindi on Saturday.
The dollar opened at Rs 68.50 (buying) and Rs 68.60 (selling) against last rate of Rs 68.80 (buying) and Rs 69.10 (selling). It did not observe any change in the second spell and closed at Rs 68.50 (buying) and Rs 68.60 (selling).
Pound sterling opened at Rs 134 (buying) and Rs 134.30 (selling) against last rate of Rs 133.20 (buying) and Rs 133.40 (selling). It did not observe further change in the evening session and closed at Rs 134 (buying) and Rs 134.30 (selling).
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