Increased demand for dollars pushed the rupee slightly lower in the interbank market on Friday, shedding three paisa at 59.88 and 59.90 for buying and selling per dollar, respectively.
The rupee's fall was limited since the State Bank of Pakistan (SBP) has started providing dollars for oil payments, dealers said. If the central bank had not intervened in the market, the local currency could face sharp devaluation against dollar, money experts said.
Some big payments are still in hand and importers have to clear some of them by the end of this year. In fact, this factor is mounting pressure over the rupee, they said.
OPEN MARKET RATES: The rupee maintained its overnight levels versus greenback for buying and selling at Rs 60.00 and Rs 60.10, dealers said.
The euro maintained its surge versus rupee, gaining 65 paisa for buying and selling at Rs 78.95 and Rs 79.25, respectively.
This is second time when the euro has crossed Rs 79 mark after Wednesday, analysts said.
In the meantime, there were rising apprehensions among European states that euro's appreciation was causing risk to their economies.
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Kerb buying Rs 60.00
Kerb selling Rs 60.10
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INTERBANK CLOSING RATES: Interbank closing rates for dollar on Friday.
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Buying Rs 59.88
Selling Rs 59.90
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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 1.25 0.75 2.00 1.13
1-Week 2.50 2.75 3.00 3.25 2.88
2-Week 2.75 3.00 3.25 3.50 3.13
1-Month 3.00 3.40 3.40 3.80 3.40
2-Months 3.60 4.00 4.00 4.40 4.00
3-Months 3.80 4.20 4.20 4.60 4.20
4-Months 4.00 4.40 4.40 4.80 4.40
5-Months 4.20 4.60 4.60 5.00 4.60
6-Months 4.40 4.80 4.80 5.20 4.80
9-Months 4.60 5.00 5.00 5.40 5.00
1-Year 4.80 5.20 5.20 5.60 5.20
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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 1.50 1.00 2.50 1.44
1-Week 2.75 3.00 3.25 3.50 3.13
2-Week 3.00 3.25 3.50 3.75 3.38
1-Month 3.75 4.00 4.25 4.50 4.13
2-Month 4.25 4.50 4.75 5.00 4.63
3-Month 4.75 5.00 5.25 5.50 5.13
4-Month 5.00 5.25 5.50 5.75 5.38
5-Month 5.25 5.50 5.75 6.00 5.63
6-Month 5.50 5.75 6.00 6.25 5.88
9-Month 5.75 6.00 6.25 6.50 6.13
1-Year 6.00 6.25 6.50 6.75 6.38
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RUPEE IN LAHORE: The dollar-rupee parity remained unchanged amid sluggish trading trend in the local currency markets on Friday.
According to the currency dealers, there was no change in dollar's demand and supply situation, which provided stability to the local currency. The dollar resumed trading at overnight closing levels of Rs 60.05 and Rs 60.15 on buying and selling counters, respectively. The opening rates continued to prevail throughout the day, the dealers added.
On the contrary, the local currency continued downward trend and lost its worth against the pound sterling. The pound's buying rate improved from previous closing level of Rs 112.00 to Rs 112.65, while selling rate moved up from Rs 112.30 to Rs 112.95, the dealers added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee remained firm against the dollar at the open currency markets of Islamabad and Rawalpindi here on Friday.
The dollar opened at Rs 60 (buying) and Rs 60.20 (selling) against the same last rate. It did not observe any further change in the evening session and closed at Rs 60 (buying) and Rs 60.20 (selling).
Pound sterling opened at Rs 111.80 (buying) and Rs 111.90 (selling) against the same previous rate. It did not observe any further change in the evening session and closed at Rs 111.80 (buying) and Rs 111.90 (selling).
Canadian dollar opened at Rs 50 (buying) and Rs 50.10 (selling) against the same last rate. It did not observe any further change in the second spell and closed at Rs 50 (buying) and Rs 50.10 (selling).
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