The rupee moved slightly versus the dollar in the interbank market on Thursday for buying and selling at 60.60 and 60.61, respectively. Generally, the trend in the market is bullish due to strong supply of dollars.
The rupee strengthened on good supply of dollars by the overseas Pakistanis, who send dollars to make Eid-ul-Fitr celebrations, money experts said. In the world markets, the dollar steadied against the yen, underpinned by US economic data that reinforced expectations the Federal Reserve would not lower interest rates soon.
Although Wednesday's data was mixed, with new building permits falling to near a five-year low, the dollar found some support from an unexpected rebound in housing starts in September, traders said.
"US data has been pointing toward a soft landing. Expectations for an interest rate cut have been declining significantly," said a trader at a major Japanese bank.
OPEN MARKET RATES: The rupee shed two paisa versus the dollar for buying at 60.52, it however, gained three paisa for selling at 60.57, dealers said. The rupee depreciated by four paisa versus euro at Rs 75.72 and Rs 75.82 for buying and selling, respectively.
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Buying Rs 60.52
Selling Rs 60.57
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INTERBANK CLOSING RATES: Interbank closing rates for dollar on Thursday.
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Buying Rs 60.60
Selling Rs 60.61
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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 8.50 9.40 8.75 9.40 9.01
1-Week 8.75 9.10 9.00 9.25 9.03
2-Weeks 8.70 9.00 8.80 9.10 8.90
1-Month 8.60 8.75 8.70 8.90 8.74
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 9.15 8.85
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 9.50 10.00 9.75 10.25 9.88
1-Week 9.50 9.75 9.75 10.25 9.81
2-Weeks 9.50 10.00 9.75 10.25 9.88
1-Month 9.75 10.25 10.00 10.50 10.13
2-Months 9.75 10.25 10.00 10.50 10.13
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 rupee shed its value by five paisa in relation to the greenback in the local currency markets on Thuesday.
According to the currency dealers, the dollar resumed trading at Wednesday's closing rates of Rs 60.50 and Rs 60.60 on buying and selling sides, respectively. With increasing demand for the dollar, its rate moved up. At the close, the dollar was traded at Rs 60.55 and Rs 60.65 as its buying and selling rates, respectively, the dealers added.
However, the British Pound-rupee parity remained unchanged. The pound was purchased and sold at Rs 112.70 and Rs 113.20, respectively, the dealers added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee-dollar parity remained unchanged at the open currency markets of Islamabad and Rawalpindi on Thursday.
The dollar opened at Rs 60.60 (buying) and Rs 60.70 (selling) against same last rate. It did not observe further change in the second session and closed at Rs 60.60 (buying) and Rs 60.70 (selling).
Pound Sterling opened at Rs 113 (buying) and Rs 113.20 (selling) against same previous rate. It did not witness any change in the last trading hours and closed at Rs 113 (buying) and Rs 113.20 (selling).
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