Stability prevailed in the interbank market on Wednesday as the rupee held its overnight levels versus dollar at Rs 58.20 and Rs 58.22 for buying and selling, respectively.
Market players welcomed the positive change in the interbank market as the local currency managed to hold on to its present position. They were amazed over the development in the market as some payments are still have to cleared and the market is purchasing dollars to meet their requirements.
They observed that banks had sold dollars to ease pressure from the rupee and said that the rupee was likely to sustain its trend in the near future.
Analysts said that under the circumstances, rising trend in the inflation was really a bad news, because it indicated an upward trend in essential commodity prices.
Experts said that the future direction of the currency market would depend on the demand for dollars by interbank market because supply is enough to meet the market's usual requirements.
In fact, the forex market was somewhat nervous after inflation data, and ahead of State Bank's monetary policy statement which is to be announced on July 22.
In the world markets, the dollar recovered on the back of positive economic data, dealers said.
KERB RATES: Stable trend in the interbank market also mirrored in the open market as the rupee recovered five paisa in relation to dollar at Rs 58.40 and Rs 58.50 for buying and selling, respectively.Versus the euro, the rupee lost 30 paisa for buying and selling at Rs 72.00 and Rs 72.30.
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Kerb Buying Rs 58.40
Kerb Selling Rs 58.50
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INTERBANK CLOSING RATES: Interbank closing rates for dollar on Wednesday.
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Buying Rs 58.20
Selling Rs 58.22
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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 0.30 0.50 0.60 0.75 0.54
1-Week 0.25 0.50 0.75 1.00 0.63
2-Week 0.75 1.00 1.25 1.50 1.13
1-Month 1.05 1.15 1.25 1.40 1.21
2-Months 1.30 1.50 1.70 1.90 1.60
3-Months 1.50 1.60 1.80 2.00 1.73
4-Months 1.70 1.90 2.10 2.30 2.00
5-Months 2.00 2.20 2.40 2.60 2.30
6-Months 2.20 2.40 2.60 2.80 2.50
9-Months 2.75 3.00 3.25 3.50 3.13
1-Year 3.00 3.25 3.50 3.75 3.38
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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 0.40 0.60 0.80 1.00 0.70
1-Week 0.50 0.75 1.00 1.25 0.88
2-Week 1.00 1.25 1.50 1.75 1.38
1-Month 1.20 1.40 1.60 1.80 1.50
2-Month 1.50 1.70 1.90 2.10 1.80
3-Month 1.70 1.90 2.10 2.30 2.00
4-Month 1.90 2.10 2.30 2.50 2.20
5-Month 2.20 2.40 2.60 2.80 2.50
6-Month 2.40 2.60 2.80 3.00 2.70
9-Month 3.00 3.25 3.50 3.75 3.38
1-Year 3.25 3.50 3.75 4.00 3.63
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RUPEE IN LAHORE: Local currency showed stability, as it improved its worth by five-paisa on selling side at Rs 58.60, while remained unchanged on buying side at Rs 58.55, in the local currency markets on Wednesday.
There was no visible change in dollar's demand and supply condition. The dollar resumed trading at overnight rates of Rs 58.55 and Rs 58.65 on buying and selling counters, respectively. The declining trend in dollar's demand pushed its selling rate down to Rs 58.60, while buying rate remained unchanged at Rs 58.55, the dealers said.
Moreover, the Pak rupee failed to maintain upward trend and remained under pressure against the pound sterling. The British currency was traded at Rs 108.25 and Rs 108.50 on buying and selling counters, respectively, as compared to Rs 108.00 and Rs 108.25 of Tuesday, the dealers said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar was up by five paisa against the rupee at the open currency markets of Islamabad and Rawalpindi on Wednesday.
The dollar opened at Rs 58.40 (buying) and Rs 58.50 (selling) against the last rate of Rs 58.35 (buying) and Rs 58.45 (selling). It did not observe any further change in the evening session, and closed at Rs 58.40 (buying) and Rs 58.50 (selling).
The pound sterling opened at Rs 108 (buying) and Rs 108.20 (selling) against the previous rate. It did not observe any change in the last trading hours, and closed at Rs 108 (buying) and Rs 108.20 (selling).
The Canadian dollar opened at Rs 43.80 (buying) and Rs 43.90 (selling) against the overnight value. It did not witness any further change in the second session, and closed at Rs 43.80 (buying) and Rs 43.90 (selling).
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