The rupee on Wednesday failed to come out of its persistent weakness versus the euro in the open market, losing 65 paisa for buying and selling at Rs 70.32 and Rs 70.62, dealers said.
According to market sources, the rupee went down as the single European currency has started showing its strength versus the dollar.
The dollar lost its ground in the world markets versus most currencies as the Federal Reserve Bank froze short-term interest rates at 1958 level. The Bank of England (BoE) kept rates unchanged.
The euro was gaining on the back of dollar's slide and expectations that the BoE may raise interest rates, local dealer said.
Currency experts, however, said that world's leading currencies were likely to move both ways ahead of European Central Bank (ECB), and Friday's US payroll report.
Since the start of the week, the rupee has lost nearly 90 paisa versus the euro, dealers said, but added that they expected that it might go down further in the near future.
The rupee did not move to any side versus dollar for buying and selling at Rs 58.05 and Rs 58.10, money changers said.
President of Forex Association of Pakistan (FAP) Malik Bostan said that under the present circumstances it seems that the rupee would trade within a band of Rs 57.90 to Rs 58.05. If the dollar goes down in the international markets, and market players experienced increased selling of the greenback the rupee may be able to expand its appreciation, he added.
INTERBANK RATES: The rupee shed two paisa versus the dollar for buying and selling in interbank dealing at Rs 57.48 and Rs 57.50, respectively.
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Kerb Buying Rs 58.05
Kerb Selling Rs 58.10
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INTERBANK CLOSING RATES: Interbank closing rates for dollar on Wednesday.
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Buying Rs 57.48Selling Rs 57.50
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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 1.50 4.00 2.00 4.50 3.00
1-Week 1.60 1.80 2.00 2.25 1.91
2-Week 1.60 1.80 1.90 2.25 1.89
1-Month 1.50 1.65 1.85 2.10 1.78
2-Months 1.60 1.70 1.90 2.10 1.83
3-Months 1.70 1.90 2.10 2.30 2.00
4-Months 1.80 2.00 2.20 2.40 2.10
5-Months 1.80 2.00 2.30 2.50 2.15
6-Months 1.85 2.00 2.30 2.40 2.14
9-Months 2.10 2.30 2.50 2.60 2.38
1-Year 2.30 2.50 2.70 2.90 2.60
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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 1.75 4.25 2.25 4.75 3.25
1-Week 2.00 2.25 2.50 2.75 2.38
2-Week 1.75 2.00 2.25 2.50 2.13
1-Month 1.75 2.00 2.25 2.50 2.13
2-Month 2.00 2.20 2.40 2.60 2.30
3-Month 2.00 2.25 2.50 2.75 2.38
4-Month 2.20 2.40 2.60 2.80 2.50
5-Month 2.25 2.50 2.70 2.80 2.56
6-Month 2.00 2.20 2.40 2.60 2.30
9-Month 2.20 2.40 2.60 2.80 2.50
1-Year 2.40 2.60 2.80 3.00 2.70
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RUPEE IN LAHORE: The rupee improved its worth by five-paisa in relation to the greenback on the local currency markets on Wednesday.
The investors started offloading their holdings to pocket the available margin, which pushed its value down.
The dollar resumed trading at overnight closing levels of Rs 58.10 and Rs 58.20 as its buying and selling rates, respectively.
At the end, it was closed lower at Rs 58.05 and Rs 58.15 on buying and selling counters, respectively, the dealers said.
Likewise, the rupee remained firm and improved its value against the pound sterling. The pound's buying rate declined from Rs 104 to Rs 103.85, while selling rate moved down from Rs 104.50 to Rs 104.25, the dealers added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The buying and selling rates of dollar against the rupee remained unchanged on the open currency markets of Islamabad and Rawalpindi here on Wednesday.
The dollar opened at Rs 58 (buying) and Rs 58.10 (selling) against the same last rates. It did not observe any further change in the second spell and closed at Rs 58 (buying) and Rs 58.10 (selling).
Pound sterling opened at Rs 103 (buying) and Rs 103.10 (selling) against the same overnight value. It did not observe any further change in the evening session and closed at Rs 103 (buying) and Rs 103.10 (selling).
Canadian dollar opened at Rs 42.50 (buying) and Rs 42.60 (selling) against the last rates of Rs 42.40 (buying) and Rs 42.50 (selling). It did not observe any further change in the evening session and closed at Rs 42.50 (buying) and Rs 42.60 (selling).
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