Easy supply position of dollar helped the rupee to maintain its firmness versus the US currency in the open market on Wednesday at 60.10 and 60.20 for buying and selling, respectively.
Continued demand for dollar by importers pushed the greenback's value higher slightly, experts said. They said that the government is importing heavy machinery and latest technologies to achieve Gross Domestic Production (GDP) and other desired targets, which were envisaged in the budget.
The rupee lost 35 paisa in terms of the euro for buying and selling at 73.15 and 73.20 as the European single currency managed to recover modestly in the overseas markets, dealers said.
In the world markets, the dollar saw near a six-week high against the yen on Wednesday after the Federal Reserve raised US interest rates and left the door open for even higher borrowing costs.
After the Fed move, it seems that the dollar might continue its firmness versus the major currencies in the coming days, economists said.
INTERBANK RATES: The rupee fluctuated moderately on increased demand for dollar, slipping two paisa for buying and selling at 59.87 and 59.88, respectively.
In the morning session, the dollar was trading at 59.90 amid tight supplies but the rates eased after selling of export receipts and inflows of dollar in the shape of remittances, money experts said.
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Kerb Buying Rs 60.10
Kerb Selling Rs 60.20
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INTERBANK CLOSING RATES: Interbank closing rates for dollar on Wednesday.
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Buying Rs 59.87
Selling Rs 59.88
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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 8.25 8.75 8.50 8.90 8.60
1-Week 8.10 8.25 8.25 8.40 8.25
2-Week 8.20 8.30 8.30 8.40 8.30
1-Month 7.90 8.10 8.10 8.25 8.09
2-Months 7.90 8.20 8.10 8.30 8.13
3-Months 7.90 8.15 8.10 8.30 8.11
4-Months 8.00 8.25 8.20 8.40 8.21
5-Months 8.10 8.30 8.30 8.50 8.30
6-Months 8.20 8.35 8.30 8.50 8.34
9-Months 8.25 8.50 8.40 8.60 8.44
1-Year 8.45 8.65 8.70 8.80 8.65
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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 8.50 9.00 8.75 9.25 8.88
1-Week 8.25 8.60 8.50 9.00 8.59
2-Week 8.30 8.75 8.50 9.00 8.64
1-Month 8.25 8.75 8.50 9.25 8.69
2-Months 8.30 8.75 8.75 9.00 8.70
3-Months 8.40 9.00 8.60 9.25 8.81
4-Months 8.40 9.00 8.50 9.25 8.79
5-Months 8.40 9.00 8.80 9.35 8.89
6-Months 8.50 9.25 8.75 9.50 9.00
9-Months 8.75 9.40 9.20 9.60 9.24
1-Year 9.00 9.50 9.60 9.75 9.46
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RUPEE IN LAHORE: The rupee showed stability and remained unchanged against the greenback for the second consecutive in the local currency markets on Wednesday.
According to the currency dealers, the dollar resumed trading at overnight closing rates of Rs 60.10 and Rs 60.20 on buying and selling sides, respectively. The dollar's demand and supply position remained intact that helped the local currency to remain stability. There was no significant change in the dollar's value during the day and closed at the opening levels, the dealers added.
However, the rupee could not come out of pressure and further lost its worth against the pound sterling. The pound's buying rate improved from Tuesday's closing rate of Rs 108.00 to Rs 108.30, while selling rate increased from Rs 108.50 to Rs 108.70, the dealers added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar gained 10 paisa against the rupee at the open currency markets of Islamabad and Rawalpindi on Wednesday.
The dollar opened at Rs 60 (buying) and Rs 60.10 (selling) against Rs 59.90 (buying) and Rs 60 (selling) of the last day rates. It did not observe any change in the second session and closed at Rs 60 (buying) and Rs 60,10 (selling) in the evening.
Pound sterling opened at Rs 108 (buying) and Rs 108.40 (selling) against same overnight value. It did not observe any change in the second session and closed at Rs 108 (buying) and Rs 108.40 (selling).
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