The rupee on Wednesday shed two paisa against the dollar in the interbank market for buying and selling at 59.68 and 59.69, dealers said. Higher demand for dollars for the payment of import bills toppled the rupee at the end of fiscal year, currency analysts said. They said that due to the State Bank of Pakistan's (SBP) strict watch over the currency fluctuations the rupee has been protected against the unusual fall versus the dollar during the out-going fiscal.
According to the data released by the Federal Bureau of Statistic, the trade deficit has risen to 5.51 billion dollars during the 11 months of the current fiscal year.
In the overseas markets, the dollar gave up it's slide versus the euro as leading investors continued dollars' buying on the expectation that the Federal Reserve will raise the US interest rates in the coming days, dealers said.
OPEN MARKET RATES: The rupee dropped two paisa versus the dollar for buying at 60.42 while it maintained its selling rate at 60.45 on rising demand for the US currency, dealers said.
The rupee, however, recovered from the overnight weakness versus the euro, gaining 50 paisa for buying and selling at Rs 73.30 and Rs 73.50 on falling the single European currency's value in the world markets, they said.
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Kerb Buying Rs 60.42
Kerb Selling Rs 60.45
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INTERBANK CLOSING RATES: Interbank closing rates for dollar on Wednesday.
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Buying Rs 59.68
Selling Rs 59.69
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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 5.50 8.25 6.00 8.90 7.16
1-Week 6.25 7.00 6.75 7.50 6.88
2-Week 6.50 7.00 7.00 7.50 7.00
1-Month 6.50 6.75 7.00 7.25 6.88
2-Months 6.75 7.00 7.00 7.40 7.04
3-Months 7.25 7.50 7.80 8.00 7.64
4-Months 7.30 7.60 8.00 8.10 7.75
5-Months 7.40 7.70 7.90 8.25 7.81
6-Months 7.75 7.85 8.00 8.10 7.93
9-Months 7.90 8.20 8.25 8.50 8.21
1-Year 8.20 8.40 8.50 8.75 8.46
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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 6.50 8.75 7.00 9.00 7.81
1-Week 6.75 7.50 7.25 8.00 7.38
2-Week 7.00 7.50 7.50 8.00 7.50
1-Month 7.00 7.25 7.50 7.75 7.38
2-Months 7.25 7.50 7.50 7.90 7.54
3-Months 7.75 8.00 8.30 8.50 8.14
4-Months 7.80 8.10 8.50 8.60 8.25
5-Months 7.90 8.20 8.50 8.75 8.34
6-Months 8.25 8.50 9.00 9.25 8.75
9-Months 8.50 8.70 9.00 9.40 8.90
1-Year 8.70 8.90 9.20 9.30 9.03
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RUPEE IN LAHORE: The rupee remained under pressure and further lost worth by 10-paisa in relation to the greenback in the local currency markets on Wednesday.
According to the currency dealers, the dollar's demand remained intact, which helped appreciation in its worth against the local currency. The dollar resumed trading at Rs 60.75 and Rs 60.85 as its buying and selling rates, respectively. However, with the increase in the dollar's demand, its rate moved up and closed at Rs 60.80 and Rs 60.90 on buying and selling sides, respectively, against Rs 60.70 and Rs 60.80 of Tuesday, the dealers added.
Likewise, the local currency further depreciated its value against the pound sterling. The British pound was purchased at Rs 110.10 and was sold at Rs 110.40 as compared to Rs 109.90 and Rs 110.30 of Tuesday, the dealers added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee remained firm against the dollar at the currency exchanges establishments of twin cities of Islamabad and Rawalpindi on Wednesday.
The dollar opened at Rs 60.40 (buying) and Rs 60.50 (selling) against same last rate. It did not observe any further change in the second spell and closed at Rs 60.40 (buying) and Rs 60.50 (selling).
Pound sterling opened at Rs 110.60 (buying) and Rs 110.70 (selling) against same overnight value. It did not observe any change in the second session and closed at Rs 110.60 (buying) and Rs 110.70 (selling).
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