Significant rise was again witnessed in the interbank market on Wednesday as the rupee posted fresh gain in terms of the dollar, picking up ten paisa on the buying side at 59.31 and gained 12 paisa on the selling counter at 59.33, respectively. The rupee has managed to recover sharply on the back of rising remittances and selling of export proceeds, money experts said.
In the global markets, the greenback made fresh gains versus the dollar on rising expectations of sharp increase in the interest rates by the Federal Reserves Bank, overseas dealers said.
Commenting on the announcement of the monetary policy statement, currency analysts said that as a result of slight rise in the interest rates, the domestic currency might react marginally to the change.
OPEN MARKET RATES: The rupee failed to match with interbank track, losing 15 paisa versus the dollar for buying and selling at 59.70 and 59.80, respectively.
The euro resisted sharp erosion versus the local currency, shedding five paisa for buying and selling at Rs 77.25 and Rs 77.55, respectively.
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Kerb Buying Rs 59.70
Kerb Selling Rs 59.80
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INTERBANK CLOSING RATES: Interbank closing rates for dollar on Wednesday.
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Buying Rs 59.31
Selling Rs 59.33
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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 7.40 7.45 7.40 7.45 7.43
1-Week 6.50 7.00 7.00 7.25 6.94
2-Week 4.75 5.00 5.25 5.50 5.13
1-Month 4.25 4.50 4.75 4.90 4.60
2-Months 4.00 4.25 4.25 4.50 4.25
3-Months 4.60 5.10 5.00 5.50 5.05
4-Months 4.75 5.20 5.00 5.50 5.11
5-Months 4.80 5.20 5.25 5.60 5.21
6-Months 4.90 5.10 5.50 5.70 5.30
9-Months 5.00 5.25 5.70 5.90 5.46
1-Year 5.50 5.75 6.00 6.25 5.88
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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 7.40 7.50 7.40 7.50 7.45
1-Week 7.25 7.50 7.50 7.75 7.50
2-Week 5.00 5.25 5.50 5.75 5.38
1-Month 5.00 5.50 5.75 6.00 5.56
2-Month 5.20 5.40 5.75 5.90 5.56
3-Month 5.50 5.75 6.25 6.50 6.00
4-Month 5.60 5.80 6.00 6.30 5.93
5-Month 5.75 6.00 6.25 6.50 6.13
6-Month 6.00 6.50 6.75 7.00 6.56
9-Month 5.80 6.10 6.50 6.75 6.29
1-Year 6.25 6.50 6.75 7.00 6.63
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RUPEE IN LAHORE: The rupee failed to maintain overnight position and lost its worth by five-paisa in relation to the greenback in the local currency markets on Wednesday.
According to the currency dealers, the declining rate attracted the investors who picked dollar in anticipation of appreciation in its worth after Eid holidays. As a result, the local currency remained under pressure. The dollar resumed trading at Tuesday's closing rates of Rs 59.60 and Rs 59.70 as its buying and selling rates, respectively. At the end, the dollar was closed at Rs 59.65 and Rs 59.75 on buying and selling counters, respectively, the dealers added.
Similarly, the local currency could not sustain and started moving down against the pound sterling. The pound's buying rate improved from previous closing rate of Rs 110.40 to Rs 111.50, while selling rate increased from Rs 110.80 to Rs 111.90, the dealers added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee gained 10 paisa against the dollar at the open currency markets of Islamabad and Rawalpindi on Wednesday.
The dollar opened at Rs 59.50 (buying) and Rs 59.60 (selling) against last rate of Rs 59.60 (buying) and Rs 59.70 (selling). It did not observe any further change in the evening session and closed at Rs 59.50 (buying) and Rs 59.60 (selling).
Pound sterling opened at Rs 111 (buying) and Rs 111.10 (selling) against last rate of Rs 111.50 (buying) and Rs 111.70 (selling). It did not observe any change in the second spell and closed at Rs 111 (buying) and Rs 111.10 (selling).
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