Mixed pattern prevailed on the currency market on Thursday as the rupee recovered more ground versus euro during trading session, dealers said. In the interbank market, the rupee shed five paisa in relation to dollar for buying and selling at 70.90 and 70.95, they said.
Commenting on the present direction of the local currency, they said, 'in fact, the dollar demand was persisting due to higher payments and we cannot give up the idea that the rupee may not be able to hold its firmness in the near future'. It is also a fact that the State Bank of Pakistan (SBP) has started oil payments to ease pressure over the dollar purchasing, they added.
If the remittances improved sharply, that can bring more stability in the value of the rupee versus the US currency, they observed. During the fourth session in Asian trading dollar hovered near a one-month high against yen, supported by the previous day's drop in oil prices and signs of improved confidence in the US financial sector. Oil extended its losses on Wednesday to fall more than $20 from the all-time peak above $147 a barrel hit on July 11, while US financial shares rose after President George W. Bush dropped a threat to veto a housing rescue bill.
OPEN MARKET RATES: The rupee maintained its overnight levels against dollar for buying and selling 71.80 and 72.20, dealers said. The rupee extended its gains versus euro, gaining 75 paisa for buying at 111.60 and it also rose by 70 paisa for selling at Rs 111.80, dealers said.
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OPEN BUYING Rs 71.80
OPEN SELLING Rs 72.20
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Interbank Closing Rates: Interbank Closing Rates For Dollar On Thursday.
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Buying Rs 70.90
Selling Rs 70.95
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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 3.00 10.00 4.00 10.50 6.88
1-Week 9.50 10.25 9.75 10.40 9.98
2-Week 10.50 11.00 11.00 11.25 10.94
1-Month 10.75 11.00 11.00 11.25 11.00
2-Months 11.70 11.80 11.85 11.85 11.80
3-Months 11.80 11.90 11.85 11.95 11.88
4-Months 11.80 11.90 11.85 11.95 11.88
5-Months 11.85 11.90 11.90 12.00 11.91
6-Months 11.90 11.95 11.95 12.00 11.95
9-Months 11.90 11.95 11.95 12.00 11.95
1-Year 11.90 11.95 11.95 12.00 11.95
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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 5.00 12.00 6.00 12.50 8.88
1-Week 11.00 12.50 11.50 13.00 12.00
2-Week 12.00 14.50 13.00 15.00 13.63
1-Month 12.00 14.50 13.00 15.00 13.63
2-Months 12.50 14.50 13.00 15.00 13.75
3-Months 13.00 15.00 14.00 15.50 14.38
4-Months 13.00 15.00 14.00 15.50 14.38
5-Months 13.50 15.00 14.00 15.50 14.50
6-Months 14.00 15.25 14.50 15.50 14.81
9-Months 14.25 15.50 14.75 16.00 15.13
1-Year 14.50 15.50 15.00 16.00 15.25
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RUPEE IN LAHORE: The rupee remained unchanged on buying side at Rs 72.00 while it improved 20 paisa in its value on selling side at Rs 72.30 in relation to the greenback at the Lahore currency market on Thursday.
The demand for dollars marginally declined that helped the rupee recover its earlier loss. The dollar, amid sluggish trading trend, was traded at Rs 72.00 and Rs 72.30 against Wednesday closing of Rs 72.00 and Rs 72.50 on buying and selling sides, respectively. Similarly, the rupee maintained upward slide and gained strength against the British pound. The pound was purchased and sold at Rs 141.00 and Rs 142.20 against the overnight closing of Rs 142.00 and Rs 143.00 respectively.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee-dollar parity remained unchanged at the open currency markets of Islamabad and Rawalpindi on Thursday. The dollar opened at Rs 72 (buying) and Rs 73 (selling) against same overnight value. It did not observe further change in the evening session and closed at Rs 72 (buying) and Rs 73 (selling). Pound sterling opened at Rs 142.60 (buying) and Rs 142.80 (selling) against same previous rate. It did not observe further change in the second session and closed at Rs 142.60 (buying) and Rs 142.80 (selling).
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