The rupee moved cautiously against dollar in the local currency market on Wednesday as a result of the State Bank of Pakistan's (SBP) fresh move, in which it announced an increase in its key discount rate to 13.0 percent from 12.0 percent, dealers said.
In interbank dealings dollar gained five for both buying abd selling at Rs 71.55 and 72.60, respectively. Commenting on the fresh move by the State Bank of Pakistan (SBP), some analysts said that there were fears that the bank may raise the discount rate by 200 basis points, so the one percent rise has been taken positively.
On Tuesday, the central bank announced an increase in its key discount rate to 13.0 percent from 12.0 percent, effective July 30, reinforcing its fight against inflation and widening twin deficits. During the third Asian trading session, dollar held firm close to a one-month high above 108 yen, supported by a drop in crude oil prices and an improvement in US consumer confidence, dealers said. The dollar was at 108.05 yen in Tokyo afternoon trade against 108.06 in New York late Tuesday. The euro eased to 1.5585 dollars from 1.5589 and to 168.43 yen after 168.47.
OPEN MARKET RATES: The rupee was unchanged against dollar, for buying and selling at 71.90 and 72.30, they said. The rupee, however, jumped against euro, rising Rs 1.25 for buying and selling at Rs 111.45 and 111.65, they added.
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Open Buying Rs 71.90
Open Selling Rs 72.30
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Interbank Closing Rates: Interbank Closing Rates For Dollar On Wednesday.
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Buying Rs 71.55
Selling Rs 71.60
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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 2.00 10.75 3.00 11.00 6.69
1-Week 10.50 11.00 10.90 11.25 10.91
2-Week 10.90 11.25 11.20 11.40 11.19
1-Month 10.90 11.40 11.00 11.60 11.23
2-Months 11.75 12.00 12.00 12.20 11.99
3-Months 11.80 12.10 12.00 12.25 12.04
4-Months 11.80 12.10 12.00 12.25 12.04
5-Months 11.85 12.20 12.10 12.30 12.11
6-Months 11.90 12.25 12.15 12.35 12.16
9-Months 12.00 12.25 12.15 12.35 12.19
1-Year 12.10 12.25 12.20 12.40 12.24
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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 13.00 5.50 13.50 9.25
1-Week 11.00 13.50 12.00 14.00 12.63
2-Week 11.50 13.75 12.50 14.25 13.00
1-Month 12.50 14.00 13.00 14.50 13.50
2-Months 12.50 14.00 13.00 14.50 13.50
3-Months 13.00 14.50 13.50 15.00 14.00
4-Months 13.00 14.50 13.75 15.00 14.06
5-Months 13.00 14.75 14.00 15.25 14.25
6-Months 13.50 15.00 14.00 15.50 14.50
9-Months 13.75 15.00 14.50 15.50 14.69
1-Year 14.00 15.50 14.75 15.75 15.00
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RUPEE IN LAHORE: The rupee has failed to keep going up and lost 30 paisa on buying side and 20 paisa on the selling side against the dollar opening much more stronger against the former. The dollar finally closed higher at Rs 72.10 and Rs 72.40 against the Tuesday closing of Rs 71.80 and Rs 72.20 on the buying and selling sides. The rupee on Wednesday remained under pressure and declined against the pound sterling traded at Rs 142.20 and Rs 143.00 as compared to the overnight closing of Rs 142.00 and Rs 143.00 on the buying and selling counters.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee-dollar parity remained almost unchanged at the open currency markets of Islamabad and Rawalpindi on Tuesday. The dollar resumed trading at Rs 72.00 (buying) and Rs 72.40 (selling) against the overnight value. It did not observe further change in the second spell and closed at Rs 72.00 (buying) and Rs 72.40 (selling). Pound Sterling opened at Rs 142.00 (buying) and Rs 142.80 (selling) against the previous rate. It did not observe further change in the evening session and closed at Rs 142.00 (buying) and Rs 142.80 (selling).
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