The rupee-dollar parity rates came under pressure in the currency market on Saturday due to tight supplies of the US currency as most of the global financial and commodity exchanges remained closed due to the Easter and Good Friday holidays, money experts said.
The rupee was down in the interbank market versus the dollar, losing one paisa for buying at Rs 60.75 and sliding two paisa for selling at Rs 60.77, dealers said. In the global markets, the dollar rose broadly on Friday, hitting a fresh five-week high against the yen, as a surprisingly strong US jobs report reinforced the view the Federal Reserve will not cut interest rates in the near term.
The solid March jobs report eased concerns about the weakening US housing market and signs of softness in US manufacturing. "This could well be the strongest economic report we've had out in the first quarter," said Michael Woolfolk, senior currency strategist at Bank of New York. "It suggests that the US economy is on firmer ground than earlier thought and the Fed need not cut interest rates under the current circumstances," he added.
OPEN MARKET RATES: The rupee lost five paisa against the dollar for buying and selling at Rs 60.70 and Rs 60.80 due to strong demand for the greenback, they said. The rupee followed suit against the euro, losing 31 paisa for buying and selling at Rs 80.78 and Rs 80.88, dealers said.
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Buying Rs 60.70
Selling Rs 60.80
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INTERBANK CLOSING RATES: Interbank closing rates for dollar on Saturday.
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Buying Rs 60.75
Selling Rs 60.77
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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 9.00 8.00 9.25 8.44
1-Week 8.65 8.80 8.80 8.90 8.79
2-Week 8.60 8.75 8.75 8.90 8.75
1-Month 8.70 8.85 8.80 8.90 8.81
2-Months 8.75 8.90 8.85 9.00 8.88
3-Months 8.75 8.95 8.85 9.00 8.89
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 8.00 9.25 8.25 9.50 10.05
1-Week 9.00 9.50 9.22 9.75 9.75
2-Week 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 Pak rupee closed the week on a positive note, as it appreciated its value by 5-paisa in relation to the greenback in the local currency markets.
According to the currency dealers, the dollar's trading commenced at Rs 60.70 and Rs 60.85 as its buying and selling rates, respectively. The dollar's demand declined which increased the worth of local currency. At the end of trading, the dollar closed at Rs 60.65 and Rs 60.85 against Friday's closing of Rs 60.70 and Rs 60.80 on buying and selling counters, respectively, the dealers added.
On the contrary, the rupee-pound parity remained unchanged. The British pound was purchased at Rs 118.50 and was sold at Rs 118.90, the dealers added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee remained firm against the dollar at the open currency markets of Islamabad and Rawalpindi on Saturday.
The dollar opened at Rs 60.75 (buying) and Rs 60.85 (selling) against same last rate. It did not observe any change in the second 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 observe any change in the evening session and closed at Rs 118.65 (buying) and Rs 118.75 (selling).
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