Bearish trend was witnessed in the interbank market on Friday as importers' demand for US currency forced the rupee to surrender two paisa versus dollar at 60.31 and 60.33 for buying and selling, respectively.
Higher trend in oil prices in the world market turned the import bills higher, increasing dollar value in the local markets, analysts said. The rupee is likely to move both ways versus dollar in the coming days, they said. In the world market, the dollar held its firmness versus yen after Japan Gross Domestic Product (GDP) was below market expectations, dealers said.
OPEN MARKET RATES: The rupee maintained a steady outlook in the open market, picking up two paisa in terms of dollar for buying and selling at 60.50 and 60.55, while it recovered 47 paisa versus euro for buying and selling at 76.74 and Rs 76.84 as the single European currency fell slightly in terms of major currencies, they said.
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Buying ($) Rs 60.50
Selling ($) Rs 60.55
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INTERBANK CLOSING RATES: Interbank closing rates for dollar on Friday.
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Buying Rs 60.31
Selling Rs 60.33
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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 9.40 9.45 9.40 9.45 9.43
1-Week 8.75 9.10 9.15 9.25 9.06
2-Weeks 8.65 8.90 8.85 9.00 8.85
1-Month 8.65 8.70 8.75 8.90 8.75
2-Months 8.45 8.55 8.60 8.70 8.58
3-Months 8.50 8.60 8.65 8.80 8.64
4-Months 8.55 8.65 8.70 8.85 8.69
5-Months 8.60 8.65 8.70 8.90 8.71
6-Months 8.65 8.75 8.80 9.00 8.80
9-Months 8.80 9.00 9.00 9.20 9.00
1-Year 9.00 9.15 9.25 9.30 9.18
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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 9.50 10.50 9.75 11.00 10.19
1-Week 9.25 9.50 9.75 10.25 9.69
2-Weeks 9.15 9.40 9.65 10.00 9.55
1-Month 9.50 9.75 10.00 10.25 9.88
2-Months 9.60 9.80 10.10 10.40 9.98
3-Months 9.65 9.85 10.20 10.50 10.05
4-Months 9.70 9.90 10.25 10.70 10.14
5-Months 9.75 10.00 10.30 10.75 10.20
6-Months 9.75 10.25 10.35 11.00 10.34
9-Months 10.00 10.30 10.50 11.00 10.45
1-Year 10.20 10.50 11.00 11.25 10.74
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RUPEE IN LAHORE: The rupee failed to maintain upward trend as it marginally lost its worth by 5-paisa in relation to the greenback in the local currency markets on Friday.
According to the currency dealers, the dollar resumed trading at Thursday's closing rates of Rs 60.45 and Rs 60.55 on buying and selling sides, respectively. As a result of marginal increase in dollar's demand, its rate moved up and closed at Rs 60.50 and Rs 60.60, on buying and selling rates, respectively, the dealers added.
On the contrary, the local currency maintained upward trend and further appreciated its worth against the pound sterling. The pound's buying rate declined from previous closing rate of Rs 114.20 to Rs 113.80 while selling rate moved down from Rs 114.60 to Rs 114.30, the dealers added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee remained firm against the dollar at the open currency markets of Islamabad and Rawalpindi on Friday.
The dollar opened at Rs 60.55 (buying) and Rs 60.65 (selling) against same last rate. It did not observe any further change by the end of second session and closed at Rs 60.55 (buying) and Rs 60.65 (selling).
Pound sterling opened at opened at Rs 114.50 (buying) and Rs 115.70 (selling) against same last rate. British currency did not observe any change in the second session and closed at Rs 114.50 (buying) and Rs 115.70 (selling).
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