Good recovery was seen in the open market on Wednesday as the rupee picked up seven paisa versus the dollar for buying at 60.48 and gained 15 paisa for selling at 60.50 in process of trading, dealers said.
Improved supply of dollars boosted the rupee's value in relation to the US currency. It is also expected the rupee may show firmness in the short run, they added. The rupee, however, dropped 31 paisa versus the euro for buying and selling at Rs 76.76 and Rs 76.86. The single European currency was able to give up its overnight weakness on dollar's fall in the world markets, they said.
In the world markets, the dollar hovered near one-month lows against the yen and the euro on Wednesday after weak business activity data for the US Midwest reinforced market expectations the Federal Reserve will keep interest rates steady for a while. Dealers said that more data showing softness in the economy could further sour sentiment for the dollar. Ahead of much-anticipated monthly jobs data at the end of the week, market participants were awaiting figures on US manufacturing in October, due from the Institute for Supply Management shortly.
INTERBANK RATES: The rupee managed to gain three paisa against the dollar for buying and selling at 60.60 and 60.62, dealers said.
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Buying Rs 60.48
Selling Rs 60.50
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INTERBANK CLOSING RATES: Interbank closing rates for dollar on Wednesday.
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Buying Rs 60.60
Selling Rs 60.62
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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 9.10 8.60 9.40 8.90
1-Week 8.50 8.75 8.65 8.90 8.70
2-Weeks 8.50 8.75 8.70 9.00 8.74
1-Month 8.60 8.80 8.70 8.90 8.75
2-Months 8.60 8.80 8.70 9.10 8.80
3-Months 8.65 8.85 8.75 9.10 8.84
4-Months 8.70 8.90 8.80 9.15 8.89
5-Months 8.75 8.90 8.85 9.15 8.91
6-Months 8.80 9.10 8.85 9.25 9.00
9-Months 8.85 9.10 9.00 9.25 9.05
1-Year 8.90 9.10 9.10 9.35 9.11
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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 9.75 10.50 10.00 10.75 10.25
1-Week 9.50 10.25 10.00 10.50 10.06
2-Weeks 9.50 10.00 10.00 10.50 10.00
1-Month 9.60 10.25 10.00 10.75 10.15
2-Months 9.60 10.50 10.00 10.75 10.21
3-Months 9.75 10.50 10.25 11.00 10.38
4-Months 9.75 10.50 10.25 11.00 10.38
5-Months 9.75 10.75 10.25 11.00 10.44
6-Months 10.25 11.00 10.50 11.25 10.75
9-Months 10.25 11.00 10.50 11.25 10.75
1-Year 10.50 11.25 11.00 11.50 11.06
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RUPEE IN LAHORE: The rupee maintained upward trend and marginally improved its worth by 5-paisa in relation to the greenback in the local currency markets on Wednesday.
According to the currency dealers, the dollar's trading commenced at overnight closing rates of Rs 60.55 and Rs 60.65 on buying and selling counters, respectively. However, in the absence of buyers, the dollar could not sustain and marginally declined to Rs 60.50 and Rs 60.60 on buying and selling sides, respectively, the dealers added.
On the contrary, the local currency could not get out of pressure and further slipped against the pound sterling. The pound's buying rate improved from Tuesday's closing of Rs 114.40 to Rs 114.75 while selling rate moved up from Rs 114.90 to Rs 115.10, the dealers added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee gained 10 paisa against the dollar at the open currency markets of Islamabad and Rawalpindi on Tuesday.
The dollar opened at Rs 60.50 (buying) and Rs 60.60 (selling) against same last rate. It did not observe any further change in the evening session and closed at Rs 60.50 (buying) and Rs 60.60 (selling).
Pound Sterling opened at Rs 114.50 (buying) and Rs 114.70 (selling) against last rate of Rs 114.20 (buying) and Rs 114.60 (selling). It did not observe further change in the second session and closed at Rs 114.50 (buying) and Rs 114.70 (selling).
The buying and selling rates of Euro remained Rs 76.80 (buying) and Rs 77 in both the morning and evening sessions.
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