The recent corrective measures taken by the State Bank of Pakistan (SBP) to bring stability in rupee value in terms of dollar narrowed the gap between official and open market rates on Wednesday, dealers said. As a result of the cautionary steps, the official and open market rates showed just 15 paisa difference, and the dollar was available at Rs 60.58 and Rs 60.63 for buying and selling, respectively, in the interbank market.
In the open market, the rupee posted further 20 paisa gain versus dollar at Rs 60.70 and Rs 60.80 for buying and selling, respectively.
The local currency also extended its winning streak versus euro for buying and selling at Rs 76.15 and Rs 76.45 in modest activity.
Commenting on the fresh moves by the central bank, president of Forex Association of Pakistan said that the rupee had gained sharply since the week started, but it seemed that firmness in the rupee would increase rates in the coming days
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Kerb buying Rs 60.70
Kerb selling Rs 60.80
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INTERBANK CLOSING RATES: Interbank closing rates for dollar on Wednesday.
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Buying Rs 60.58
Selling Rs 60.63
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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 0.50 1.50 0.75 2.00 1.19
1-Week 1.00 1.50 1.75 2.25 1.63
2-Week 2.75 3.00 3.25 3.50 3.13
1-Month 3.10 3.50 3.40 4.00 3.50
2-Months 3.30 3.80 3.60 4.25 3.74
3-Months 3.20 3.70 3.50 4.25 3.66
4-Months 3.30 3.70 3.60 4.10 3.68
5-Months 3.40 3.90 3.70 4.30 3.83
6-Months 3.60 4.00 3.90 4.40 3.98
9-Months 3.80 4.10 4.10 4.50 4.13
1-Year 3.90 4.30 4.20 4.75 4.29
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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 0.75 1.75 1.00 2.25 1.44
1-Week 1.50 1.75 2.50 2.75 2.13
2-Week 3.20 3.40 3.60 3.80 3.50
1-Month 3.50 4.00 4.00 4.50 4.00
2-Month 3.75 4.00 4.25 4.50 4.13
3-Month 3.75 4.00 4.25 4.50 4.13
4-Month 4.00 4.25 4.50 4.75 4.38
5-Month 4.00 4.25 4.50 4.75 4.38
6-Month 4.25 4.50 4.75 5.00 4.63
9-Month 4.50 4.75 5.25 5.75 5.06
1-Year 4.75 5.25 5.50 6.50 5.50
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RUPEE IN LAHORE: The rupee continued upward surge, and further appreciated its worth by 40 paisa in relation to the greenback in the local currency markets on Wednesday.
According to the currency dealers, the rupee appreciated its worth on account of selling pressure of the dollar, which resumed trading at Rs 60.70 and Rs 61.00 on buying and selling counters, respectively.
Till the close of trading, the dollar registered a decline in its value, and traded at Rs 60.60 and Rs 60.90 on buying and selling sides, respectively as compared to Rs 61.00 and Rs 61.20 of Tuesday, the dealers added.
Similarly, the rupee remained strong, and registered a gain against the British pound, which was purchased at Rs 110.60, and sold at Rs 111.00 as compared to Rs 111.20 and Rs 111.60 of Tuesday, they said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee showed an increase of 20 paisa against the dollar in the open currency markets of Islamabad and Rawalpindi on Wednesday.
The dollar opened at Rs 60.50 (buying) and Rs 60.60 (selling) against the last rate of Rs 60.70 (buying) and Rs 60.80 (selling). It did not observe any further change in the second session, and closed at Rs 60.50 (buying) and Rs 60.60 (selling).
Pound sterling opened at Rs 112 (buying) and Rs 112.20 (selling) against the last rate of Rs 110 (buying) and Rs 110.20 (selling). It did not show any further change in the evening session, and closed at Rs 112 (buying) and Rs 112.20 (selling).
Canadian dollar opened at Rs 49.75 (buying) and Rs 49.85 (selling) against the same previous rate. It did not observe any further change in the evening session, and closed at Rs 49.75 (buying) and Rs 49.85 (selling).
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