The rupee recovered modestly versus the dollar in the interbank market on Wednesday, gaining two paisa for buying at 60.87 and picking up three paisa for selling at 60.88, respectively.
Smooth supply of dollars was an aiding factor behind the rupee's firmness against the greenback, dealers said. They said high inflows will definitely boost the rupee's value in the coming days.
In the World markets, the dollar stayed weak against the euro after the Federal Reserve kept rates steady as widely expected and emphasised a slowdown in the housing sector, stirring anticipation that its next move could be to cut rates.
The yen hit another record low against the euro and plumbed eight-year lows versus sterling and the Swiss franc as more investors bet that the Bank of Japan won't raise rates at a policy meeting next week.
OPEN MARKET RATES: The rupee gained three paisa against the dollar at 61.05 for buying and it picked up five paisa for selling at 61.10, they said. The rupee, however, gave up its overnight gains, losing 15 paisa against the euro for buying and selling at Rs 80.65 and Rs 80.75, respectively.
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Buying Rs 61.05
Selling Rs 61.10
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INTERBANK CLOSING RATES: Interbank closing rates for dollar on Wednesday.
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Buying Rs 60.87
Selling Rs 60.88
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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 7.50 8.75 7.75 8.90 8.23
1-Week 8.50 8.70 8.65 8.80 8.66
2-Weeks 8.50 8.70 8.65 8.80 8.66
1-Month 8.65 8.80 8.75 8.90 8.78
2-Months 8.65 8.80 8.75 9.00 8.80
3-Months 8.70 8.80 8.75 9.00 8.81
4-Months 8.70 9.00 8.85 9.15 8.93
5-Months 8.75 9.00 8.90 9.15 8.95
6-Months 8.80 9.10 8.90 9.20 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 8.25 9.00 8.50 9.25 8.75
1-Week 9.25 9.50 9.50 9.75 9.50
2-Weeks 9.50 9.75 9.75 10.00 9.75
1-Month 10.00 10.50 10.60 11.25 10.59
2-Months 10.00 10.75 10.50 11.00 10.56
3-Months 10.25 10.75 10.50 11.00 10.63
4-Months 10.25 10.75 10.25 11.00 10.56
5-Months 10.25 10.75 10.50 11.00 10.63
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 failed to maintain upward trend and lost its value by five-paisa in relation to the greenback in the local currency markets on Wednesday.
According to the currency dealers, the dollar witnessed a slight increase in its demand that pushed the rupee value down. The dollar resumed trading at Tuesday's closing levels of Rs 61.00 and Rs 61.10 on buying and selling counters, respectively. At the end of trading, the greenback moved up and closed at Rs 61.05 and Rs 61.15 on buying and selling sides, respectively, thet said.
Similarly, the rupee remained under pressure and further depreciated its value against the pound sterling. The British currency was purchased at Rs 119.70 and sold at Rs 120.10 as compared to Rs 119.00 and Rs 119.40 of Tuesday, the dealers added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee remained firm against the dollar at the open currency markets of twin cities of Islamabad and Rawalpindi on Wednesday.
The dollar resumed trading at Rs 61 (buying) and Rs 61 (buying) against same last rate. It did not witness any change in the evening session and closed at Rs 61 (buying) and Rs 61 (buying).
Pound Sterling opened at Rs 118.70 (buying) and Rs 118.90 (selling) against last week's rate of Rs 119.20 (buying) and Rs 119.40 (selling). It did not observe any further change in the second session and closed at Rs 118.70 (buying) and Rs 118.90 (selling).
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