The rupee-dollar parity rates on Wednesday drifted lower in the open market, losing five paisa at Rs 58.25 and Rs 58.30 for buying and selling, respectively.
Increased dollar buying in the interbank markets forced the rupee to surrender its firmness, experts said.
Huge payment requirements ahead of budget and some demand by small investors compelled the banks to make excessive buying of dollars from open market, they added.
In the meantime, profit-taking was again witnessed in euro trading as the rupee managed to recover 55 paisa versus euro for buying and selling at Rs 71.00 and Rs 71.30.
The dollar has taken a boost versus dollar from the Greenspan statement in which he said that to keep inflation in check the Federal Reserve Bank will do 'what is required.'
INTERBANK RATES: The rupee gained three paisa in relation to the greenback on the buying and selling counters at Rs 57.79 and Rs 57.81, respectively.
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Kerb Buying Rs 58.25
Kerb Selling Rs 58.30
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INTERBANK CLOSING RATES: Interbank closing rates for dollar on Wednesday.
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Buying Rs 57.79
Selling Rs 57.81
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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 0.40 0.50 0.50 0.75 0.54
1-Week 1.00 1.25 1.50 1.75 1.38
2-Week 1.25 1.50 1.75 2.00 1.63
1-Month 2.00 2.20 2.40 2.60 2.30
2-Months 2.20 2.40 2.60 2.80 2.50
3-Months 2.20 2.40 2.90 3.10 2.65
4-Months 2.30 2.50 2.70 2.90 2.60
5-Months 2.40 2.60 2.80 3.00 2.70
6-Months 2.50 2.70 2.90 3.10 2.80
9-Months 3.00 3.20 3.40 3.60 3.30
1-Year 3.20 3.40 3.60 3.80 3.50
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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 0.50 0.70 0.90 1.10 0.80
1-Week 1.25 1.50 1.75 2.00 1.63
2-Week 1.50 1.75 2.00 2.25 1.88
1-Month 2.20 2.50 2.70 2.90 2.58
2-Month 2.40 2.60 2.80 3.00 2.70
3-Month 2.40 2.60 2.80 3.00 2.70
4-Month 2.50 2.70 2.90 3.10 2.80
5-Month 2.60 2.80 3.00 3.20 2.90
6-Month 2.80 3.00 3.20 3.40 3.10
9-Month 3.20 3.40 3.60 3.80 3.50
1-Year 3.40 3.60 3.80 4.00 3.70
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RUPEE IN LAHORE: The rupee on Wednesday failed to maintain upward trend and lost its value by 15-paisa in relation to the greenback in the local currency markets.
According to the currency dealers, the dollar resumed trading at Rs 58.25 and Rs 58.35 on buying and selling counters respectively. The declining rates of the greenback attracted fresh buying which helped to appreciate the value of the local currency. At the close, the dollar was traded at Rs 58.30 and Rs 58.40 on buying and selling sides respectively as compared to Rs 58.15 and Rs 58.25 of Tuesday, the dealers said.
However, the local currency showed stability and remained unchanged against the pound sterling. The British currency was purchased and sold at Rs 107.00 and Rs 107.30 respectively, the dealers added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee was up by five paisa against the dollar on the open currency markets of Islamabad and Rawalpindi on Wednesday.
The dollar opened at Rs 58.25 (buying) and Rs 58.35 (selling) against the previous rate. It did not observe any further change in the second session, and closed at Rs 58.25 (buying) and Rs 58.35 (selling).
The pound sterling opened at Rs 106.60 (buying) and Rs 106.80 (selling) against the last rate of Rs 107 (buying) and Rs 107.20 (selling). It did not observe any further change in the second session, and closed at Rs 106.60 (buying) and Rs 106.80 (selling).
The Canadian dollar opened at Rs 43 (buying) and Rs 43.10 (selling) against the last rate of Rs 42.30 (buying) and Rs 42.40 (selling). It did not observe any further change in the second spell, and closed at Rs 43 (buying) and Rs 43.10 (selling).
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