Bullish sentiment was seen in the open market on Saturday as the rupee picked up five paisa against the dollar for buying and selling at Rs 60.60 and Rs 60.70, dealers said.
Smooth supply of dollars helped the rupee to make gains against the dollar and rising trend in the remittances will also assist it to recover more ground in the coming days, dealers said. The rupee, however, shed four paisa against the euro for buying and selling at Rs 80.60 and Rs 80.70, they said.
In the world markets, the dollar declined on Friday after the US government said it will impose duties on imports of coated paper from China, raising fears of protectionism between the two economic superpowers. While traders and investors debated whether the news was the opening salvo in a trade war, its impact on foreign exchange markets was immediate.
"The impact in the market has been to see the dollar get pummeled, as dollar longs have been forced to bail out on the idea of trade protectionism ultimately undermining the US economy," said Brian Dolan, director of foreign exchange research at Forex.com in Bedminster, New Jersey.
INTERBANK RATES: The rupee maintained its overnight value against the dollar for buying and selling at Rs 60.71 and Rs 60.73, respectively.
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Buying Rs 60.60
Selling Rs 60.70
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INTERBANK CLOSING RATES: Interbank closing rates for dollar on Saturday.
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Buying Rs 60.71
Selling Rs 60.73
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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 8.25 9.25 8.50 9.40 8.85
1-Week 8.75 8.90 8.85 9.00 8.88
2-Weeks 8.75 8.90 8.85 9.00 8.88
1-Month 8.70 8.90 8.80 9.00 8.85
2-Months 8.75 8.90 8.85 9.00 8.88
3-Months 8.70 8.80 8.80 9.00 8.85
4-Months 8.80 9.00 8.90 9.10 8.95
5-Months 8.80 9.00 8.85 9.15 8.95
6-Months 8.85 9.00 8.90 9.20 8.99
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 8.75 9.75 9.00 10.00 10.05
1-Week 9.00 9.50 9.25 9.75 9.75
2-Weeks 9.25 9.50 9.50 9.75 10.01
1-Month 9.25 9.75 9.50 10.00 10.38
2-Months 9.50 10.00 9.75 10.25 10.62
3-Months 10.00 10.25 10.25 10.50 10.77
4-Months 10.00 10.75 10.25 11.00 10.98
5-Months 10.00 10.75 10.50 11.00 11.19
6-Months 10.25 10.75 10.75 11.00 11.43
9-Months 10.40 11.00 11.00 11.50 10.98
1-Year 10.50 11.25 11.00 11.50 11.06
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RUPEE IN LAHORE: The rupee gained five paisa in relation to dollar in Lahore currency markets on Saturday. According to dealers, the dollar resumed trading at overnight closing level of Rs 60.65 and Rs 60.75 as its buying and selling rates, respectively. In the absence of buyers, it moved down and closed at Rs 60.60 and Rs 60.70 on buying and selling sides, respectively, they said.
However, the pound's buying rate increased from Friday's closing of Rs 118.00 to Rs 118.50 and the selling rate moved up from Rs 118.40 to Rs 118.80, the dealers said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee remained firm against dollar at the currency exchange establishments of Islamabad and Rawalpindi on Saturday.
The dollar opened at Rs 60.75 (buying) and Rs 60.85 (selling) against same previous rate. It did not observe further fluctuation in the evening session and closed at Rs 60.75 (buying) and Rs 60.85 (selling).
Pound sterling opened at Rs 118.65 (buying) and Rs 118.75 (selling) against same overnight value. It did not witness any change in the last trading hours and closed at Rs 118.65 (buying) and Rs 118.75 (selling).
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