Firmness prevailed in the interbank market on Thursday as the rupee, most of the time, held its overnight levels versus the dollar for buying and selling at 59.96 and 59.97, dealers said.
The rupee moved up versus the dollar on easy supply of the US currency. The market is moving on demand and supply factor, they said.
Commenting on the fresh appreciation in the rupee's value, currency experts said that the fresh statement by the SBP governor, in which she said that there was no plan to devalue the rupee was one of the supporting factor for the local currency to expand its ground versus the dollar. It's an encouraging sign that despite the higher demand of dollar to meet the import bills, the rupee is firm.
Reports said that Dr Shamshad Akhtar explained that the trade deficit is no problem due to firm foreign exchange reserves position.
On the other hand, dollar's falling trend in the international markets is also a leading factor, which is no doubt, boosting the rupee in both the open and interbank markets.
In past, the move to devalue the rupee to increase exports, did not produce any fruitful result, instead it raised cost of production and fuelled inflation.
Some currency analysts said that the rupee might come under pressure following the strong demand by the importers and investors.
Globally, the dollar may not show any significant improvement versus the major currencies in the near future, dealers said.
OPEN MARKET RATES: In response to the interbank rates direction, the rupee recovered four paisa against the dollar for buying and selling at 60.38 and 60.42, respectively.
The rupee, however, gained 75 paisa against the euro for buying and selling at Rs 76.70 and Rs 76.80, respectively.
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Buying Rs 60.38
Selling Rs 60.42
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INTERBANK CLOSING RATES: Interbank closing rates for dollar on Thursday.
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Buying Rs 59.96
Selling Rs 59.97
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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 3.00 8.00 4.00 8.25 5.81
1-Week 7.50 8.00 8.10 8.25 7.96
2-Weeks 8.20 8.40 8.40 8.75 8.44
1-Month 8.55 8.65 8.70 8.80 8.68
2-Months 8.65 8.75 8.75 8.80 8.74
3-Months 8.70 8.80 8.75 8.85 8.78
4-Months 8.65 8.75 8.75 8.80 8.74
5-Months 8.65 8.75 8.75 8.80 8.74
6-Months 8.65 8.75 8.80 8.85 8.76
9-Months 8.70 8.80 8.80 8.90 8.80
1-Year 8.75 8.80 8.85 8.90 8.83
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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 3.00 8.00 4.00 8.50 5.88
1-Week 8.00 8.25 8.50 8.90 8.41
2-Weeks 8.50 8.75 8.80 8.90 8.74
1-Month 8.90 9.20 9.20 9.45 9.19
2-Months 9.00 9.50 9.25 9.60 9.34
3-Months 9.25 9.60 9.50 9.75 9.53
4-Months 9.30 9.50 9.50 9.75 9.51
5-Months 9.35 9.60 9.50 9.80 9.56
6-Months 9.35 9.60 9.55 9.80 9.58
9-Months 9.50 10.00 9.80 10.25 9.89
1-Year 9.60 10.00 9.80 10.25 9.91
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RUPEE IN LAHORE: The rupee marginally improved its worth by 5-paisa in relation to the greenback in the local currency markets on Thursday.
According to the currency dealers, the dollar witnessed selling pressure, which helped the local currency improve its worth.
The dollar's trading commenced at overnight closing rate of Rs 60.40 and Rs 60.50 on buying and selling counters, respectively. In the absence of buyers, the dollar could not sustain and moved down to Rs 60.35 and Rs 60.45 on buying and selling sides, respectively, the dealers said.
Similarly, the local currency recovered some of its earlier loss and appreciated its value against the pound sterling. The pound's buying rate declined from Wednesday's closing rate of Rs 113.90 to Rs 113.35 while selling rate decreased from Rs 114.30 to Rs 113.80, the dealers added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The buying and selling rates of dollar against the rupee remained unchanged at the currency exchange establishments of Islamabad and Rawalpindi on Thursday.
The dollar resumed trading at Rs 60.15 (buying) and Rs 60.25 (selling) against same last rate. It did not observe any further change and closed at Rs 60.15 (buying) and Rs 60.25 (selling) by the end of evening session.
Pound sterling opened at Rs 111.20 (buying) and Rs 111.40 (selling) against same previous rate. It did not observe any further change in the last trading hours and closed at Rs 111.20 (buying) and Rs 111.40 (selling).
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