Miner changes were seen on the currency market on Wednesday as the rupee gained one paisa versus the dollar at 60.64 and 60.65 for buying and selling, respectively. Slight improvement in the supply of dollar enable the rupee to obtain gains and it is likely that the domestic currency might gain more ground in the coming days, dealers said.
In the world markets, the dollar struck a 10-month high against the yen and a 5-1/2-month peak versus the Swiss franc on Wednesday as the market comes round to the view that the Federal Reserve is in no rush to cut interest rates.
A catalyst for the dollar's strength in the wake of upward revisions to US payrolls data at the end of last week has been a growing view that the US economy may not be as weak as earlier thought, coupled with an eagerness to break the dollar out of ranges.
OPEN MARKET RATES: The rupee continued its decline versus the dollar, shedding two paisa for buying at 60.62 and losing seven paisa for selling at 60.72, dealers said.
The rupee, however, gained 64 paisa versus the euro for buying and selling at Rs 75.96 and Rs 76.00, they said.
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Buying Rs 60.60
Selling Rs 60.65
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INTERBANK CLOSING RATES: Interbank closing rates for dollar on Wednesday.
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Buying Rs 60.64
Selling Rs 60.65
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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 7.25 8.25 7.50 8.50 7.88
1-Week 8.00 8.30 8.35 8.50 8.29
2-Weeks 8.25 8.50 8.50 8.65 8.48
1-Month 8.40 8.60 8.50 8.70 8.55
2-Months 8.50 8.75 8.65 8.90 8.70
3-Months 8.55 8.80 8.70 9.00 8.76
4-Months 8.60 8.90 8.75 9.10 8.84
5-Months 8.65 8.90 8.80 9.15 8.88
6-Months 8.70 9.00 8.85 9.20 8.94
9-Months 8.75 9.00 9.00 9.25 9.00
1-Year 8.85 9.10 9.10 9.35 9.10
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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 7.75 9.00 8.00 9.25 8.50
1-Week 8.75 9.50 9.25 9.75 9.31
2-Weeks 9.00 9.75 9.25 10.00 9.50
1-Month 9.50 10.00 9.75 10.25 9.88
2-Months 9.50 10.00 9.75 10.50 9.94
3-Months 9.75 10.50 10.25 10.75 10.31
4-Months 9.75 10.50 10.25 10.75 10.31
5-Months 9.75 10.50 10.25 10.75 10.31
6-Months 10.25 10.75 10.50 11.00 10.63
9-Months 10.25 10.75 10.50 11.00 10.63
1-Year 10.50 10.75 11.00 11.25 10.88
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RUPEE IN LAHORE: The Pak rupee failed to maintain upward trend and lost its value by 10-paisa in relation to the greenback in the local currency markets on Wednesday.
According to the currency dealers the dollar resumed trading at Rs 60.65 and Rs 60.75 on buying and selling sides respectively. As a result of increase in dollar's demand, its rate moved up and finally closed at Rs 60.70 and Rs 60.80 on buying and selling counters respectively, as against Rs 60.60 and Rs 60.70 of Tuesday, the dealers added.
On the contrary, the local currency maintained upward move and further appreciated its worth against the pound sterling. The pound's buying rate declined from overnight closing rate of Rs 113.00 to Rs 112.50, while selling rate moved down from Rs 113.50 to Rs 113.00, the dealers added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee remained firm against the dollar in the open currency markets of Islamabad and Rawalpindi on Wednesday.
The dollar opened at Rs 60.70 (buying) and Rs 60.80 (selling) against the last rate. It did not observe further change by the end of second session and closed at Rs 60.70 (buying) and Rs 60.80 (selling).
Pound Sterling opened at Rs 113.50 (buying) and Rs 113.70 (buying) against the previous rate. It did not observe any change in the evening session and closed at Rs 113.50 (buying) and Rs 113.70 (buying).
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