Firmness prevailed in the currency market on Wednesday as the rupee held its overnight levels against the dollar in process of trading, dealers said. The rupee managed to gain versus dollar two paisa for buying at Rs 60.70 and gained one paisa for selling at Rs 60.72 despite the rising demand for the US currency, money experts said.
In the world markets, the yen held its gains on Wednesday after rebounding from a record low against the euro as investors cut back risky positions in carry trades on China's announcement of a rise in stamp duty on stocks.
Investors were watching for a reaction in regional stock markets after US stocks trimmed gains in the previous session on expectations that China's move could prompt further losses in global equity markets and heighten risk aversion.
OPEN MARKET RATES: The rupee gained against dollar three paisa for buying at Rs 60.95 and was up by one paisa for selling at 61.95 on easy supply of dollars, they said. The rupee, however, shed five paisa against euro for buying and selling at Rs 81.76 and Rs 81.86, they added.
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KERB BUYING Rs 60.95
KERB SELLING Rs 61.05
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INTERBANK CLOSING RATES: Interbank closing rates for dollar on Wednesday.
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Buying Rs 60.70
Selling Rs 60.72
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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 6.50 8.50 6.75 8.75 7.63
1-Week 8.50 8.75 8.60 8.90 8.69
2-Weeks 8.70 8.85 8.80 8.90 8.81
1-Month 8.80 8.95 8.85 9.05 8.91
2-Months 8.85 9.00 8.95 9.10 8.98
3-Months 8.85 9.05 8.95 9.10 8.99
4-Months 8.85 9.00 8.95 9.10 8.98
5-Months 8.90 9.00 9.00 9.15 9.01
6-Months 8.90 9.05 9.00 9.15 9.03
9-Months 8.90 9.10 9.05 9.25 9.08
1-Year 8.90 9.15 9.10 9.25 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 7.00 8.75 7.25 9.00 8.00
1-Week 8.75 9.00 9.00 9.25 9.00
2-Weeks 9.00 9.25 9.20 9.40 9.21
1-Month 9.30 9.50 9.40 9.60 9.45
2-Months 9.40 9.60 9.50 9.75 9.56
3-Months 9.40 9.60 9.50 9.75 9.56
4-Months 9.50 9.75 9.75 10.00 9.75
5-Months 9.75 10.00 10.00 10.25 10.00
6-Months 9.75 10.00 10.00 10.25 10.00
9-Months 10.00 10.25 10.50 10.75 10.38
1-Year 10.00 10.50 10.50 10.75 10.44
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RUPEE IN LAHORE: The rupee showed strength and recovered its earlier loss against the greenback in the local currency markets on Wednesday.
According to currency dealers, the dollar resumed trading at Rs 60.95 and Rs 61.05 as its buying and selling rates, respectively. In the absence of buyers, the dollar could not sustain and declined to Rs 60.90 and Rs 61.00 on buying and selling sides, respectively, the dealers added.
Similarly, the rupee maintained upward trend and further appreciated its worth against the pound sterling. The pound was purchased at Rs 120.10 and was sold at Rs 120.40 as compared to Rs 120.50 and Rs 120.80, respectively, the dealers added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The buying and selling rates of dollar against the rupee remained unchanged in the open currency markets of Islamabad and Rawalpindi on Wednesday.
The dollar opened at Rs 60.80 (buying) and Rs 60.90 (selling) against the previous rate. It did not observe any further change in the evening spell and closed at Rs 60.80 (buying) and Rs 60.90 (selling).
Pound Sterling opened at Rs 119.80 (buying) and Rs 119.90 (selling) against the previous rate. The British currency did not observe any change in the second spell and closed at Rs 119.80 (buying) and Rs 119.90 (selling).
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