As a result of positive measures taken by the government, bullish trend was seen on the interbank market on Saturday as the rupee gained 10 paisa against the dollar for buying and selling at 81.10 and 81.15, moneychangers said. The rupee was able to gain strength as a result of easy supply of dollars and it is likely that it may improve further in the near future, they said.
The government is taking measures to halt the artificial shortage of dollar in the market, they said. At the weekend, in the NY market, the dollar dipped against most major currencies after data showed US employers cut 240,000 jobs last month, pushing the jobless rate to a 14-year high and adding more dark clouds to a gloomy economic horizon. US President-elect Barack Obama, in his first press conference since winning the election, said the United States was facing "the greatest economic challenge of our lifetime" and called for a stimulus package "sooner rather than later."
OPEN MARKET RATES: The rates moved both ways in the open market as the rupee shed 15 paisa against the dollar for buying at 80.90, it, however, gained 20 paisa for selling at 81.30, dealers said. The rupee shed 15 paisa versus the euro for buying at Rs 103.40 and selling at Rs 104.40, they said.
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Open Buying Rs 80.90
Open Selling Rs 81.30
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Interbank Closing Rates: Interbank Closing Rates For Dollar On Saturday.
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Buying Rs 81.10
Selling Rs 81.15
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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 8.00 10.00 9.50 11.00 9.63
1-Week 10.25 10.50 10.50 10.75 10.50
2-Week 11.00 11.25 11.40 11.70 11.34
1-Month 11.75 12.00 12.10 12.25 12.03
2-Months 12.80 13.10 13.20 13.40 13.13
3-Months 12.90 13.25 13.50 13.60 13.31
4-Months 12.95 13.25 13.55 13.65 13.35
5-Months 12.95 13.30 13.50 13.70 13.36
6-Months 13.00 13.50 13.60 13.75 13.46
9-Months 13.00 13.60 13.65 13.75 13.50
1-Year 13.20 13.70 13.70 13.80 13.60
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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 13.00 15.00 14.00 16.00 14.50
1-Week 13.00 15.50 13.50 16.25 14.56
2-Week 14.00 16.00 14.50 17.00 15.38
1-Month 15.00 16.50 15.50 17.00 16.00
2-Months 15.50 16.50 16.00 17.00 16.25
3-Months 16.00 17.00 16.50 18.00 16.88
4-Months 16.00 17.00 16.50 18.00 16.88
5-Months 16.50 17.50 17.00 18.00 17.25
6-Months 16.50 17.50 17.00 18.50 17.38
9-Months 17.00 18.00 18.00 19.00 18.00
1-Year 17.00 18.00 18.00 19.00 18.00
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RUPEE IN LAHORE: The rupee gained 50 paisa against dollar in Lahore currency market on Saturday. The currency market remained opened till midday and most of the moneychangers suspended their business on account of arrest of leading moneychangers, allegedly involved in capital flight. They avoided attending telephones by putting down their phone receivers.
However, amid partially opened market, the dollar kept on moving down and finally closed at Rs 80.00 and Rs 81.00 on buying and selling sides against overnight closing of Rs 80.50 and Rs 81.50, respectively. Similarly, the rupee maintained upward slide and the British pound slipped to Rs 127.00 and Rs 129.00 against Friday closing of Rs 128.00 and Rs 131.00, respectively.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee showed an improvement of 20 paisa against dollar at the currency markets of Islamabad and Rawalpindi on Saturday.The dollar opened at Rs 80.80 (buying) and Rs 81 (selling) against last rate of Rs 81 (buying) and Rs 82 (selling). It did not observe further change in the second session and closed at Rs 80.80 (buying) and Rs 81 (selling).Pound sterling opened at Rs 126 (buying) and Rs 127 (selling) against last rate of Rs 129 (buying) and Rs 130 (selling). It did not observe further change in the second session and closed at Rs 126 (buying) and Rs 127 (selling).
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