Bearish trend persisted in the interbank market on Friday as the rupee shed two paisa against dollar for buying at Rs 60.47 and losing one paisa for selling at Rs 60.48, money changers said.
It was the higher demand by the importers which hurt the rupee's stability versus dollar, but it seems the rupee may recover in the coming days as the foreign exchange reserves improved from the last week level as inflows are on the high side, money experts said.
In the global markets, yen pushed towards a 14-month peak against dollar in hectic trade, a day after surging sharply across the board as fears of a worsening global credit crunch forced a huge reversal of carry trades.
The yen was being whipped around sharply by speculators and investors grappling with the massive moves the previous day that saw dollar tumble as much as four percent against the Japanese currency and the New Zealand dollar plunge nine percent at one point.
OPEN MARKET RATES: The rupee did not move any side against dollar for buying at Rs 60.75, while it shed five paisa for selling at Rs 60.80, they said. The rupee, however, extended its gains against euro, picking up seven paisa for buying and selling at Rs 81.20 and Rs 81.3027 paisa in relation to euro for buying and selling at Rs 81.27 and Rs 81.37, they said.
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KERB BUYING Rs 60.75
KERB SELLING Rs 60.80
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INTERBANK CLOSING RATES: Interbank closing rates for dollar on Friday.
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Buying Rs 60.47
Selling Rs 60.48
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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 9.90 8.75 9.95 9.28
1-Week 8.90 9.25 9.10 9.50 9.19
2-Weeks 8.90 9.20 9.10 9.40 9.15
1-Month 8.90 9.25 9.10 9.30 9.14
2-Months 9.00 9.30 9.15 9.35 9.20
3-Months 9.10 9.30 9.20 9.35 9.24
4-Months 9.10 9.35 9.25 9.40 9.28
5-Months 9.15 9.30 9.30 9.40 9.29
6-Months 9.20 9.40 9.30 9.50 9.35
9-Months 9.25 9.40 9.35 9.50 9.38
1-Year 9.25 9.50 9.35 9.60 9.43
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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 9.00 10.25 9.25 10.40 9.73
1-Week 9.10 9.50 9.30 9.60 9.38
2-Weeks 9.20 9.40 9.30 9.50 9.35
1-Month 9.25 9.50 9.40 9.60 9.44
2-Months 9.25 9.75 9.50 9.85 9.59
3-Months 9.50 9.90 9.70 10.00 9.78
4-Months 9.60 9.90 9.75 10.10 9.84
5-Months 9.75 10.00 9.90 10.25 9.98
6-Months 9.75 10.10 10.00 10.25 10.03
9-Months 10.00 10.50 10.25 10.60 10.34
1-Year 10.10 10.60 10.30 10.75 10.44
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RUPEE IN LAHORE: The rupee maintained its upward drive against the dollar, gaining another two paisa in the local currency markets on Friday.
The dollar resumed trading at Rs 60.70 and Rs 60.80 as buying and selling, respectively. It remained under selling pressure helping the rupee improve further. It ended at Rs 60.68 and Rs 60.78 for buying and selling.
The rupee continued rising trend against the pound sterling also. It was bought and sold at Rs 120 and Rs 120.35, respectively against Thursday's closing of Rs 120.20 and Rs 120.50.
RUPEE IN ISLAMABAD AND RAWALPINDI: The buying and selling rates of dollar against the rupee remained unchanged at the open currency markets of Islamabad and Rawalpindi on Friday.
The dollar opened at Rs 60.90 (buying) and Rs 61 (selling) against the same overnight value. It did not observe any change in the second session and closed at Rs 60.90 (buying) and Rs 61 (selling).
Pound sterling opened at Rs 123.30 (buying) and Rs 123.70 (selling) against the previous rate. It did not witness any change in the second session and closed at Rs 123.30 (buying) and Rs 123.70 (selling).
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