Healthy trend in the country's remittance, helped the rupee against dollar in the interbank market on Wednesday, picking up two paisa for buying at Rs 60.60 and it also gained one paisa for selling at Rs 60.62, money dealers said.
They said inflow of dollars was high, providing it (the rupee) a chance to look ahead with gradual rise in terms of the US currency. The remittances sent by the overseas Pakistanis went up with an improvement of 21.35 percent to 985.20 million dollars during the first two months of the current fiscal year 2007-08, they added.
In the third session of the week dollar hit a 15-year low against a basket of currencies on Wednesday, extending its slide from the previous day after the Federal Reserve surprised markets with a hefty half-point rate cut to help shore up the economy.
The slashing of overnight interest rates to 4.75 percent from 5.25 percent sparked broad dollar selling while boosting stocks and higher-yielding currencies on hopes for a quick US economic recovery.
OPEN MARKET RATES: The rupee maintained its overnight level against dollar for buying and selling at Rs 60.65 and Rs 60.70, they said.
The feature of the day was euro's gain versus the rupee, as it crossed the barrier of Rs 84 after winning ground in the global market, dealers said. The single European currency picked up 67 paisa in relation to the rupee at Rs 84.30 and 84.40, they said.
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Kerb Buying Rs 60.65
Kerb Selling Rs 60.70
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INTERBANK CLOSING RATES: Interbank closing rates for dollar on Wednesday.
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Buying Rs 60.60
Selling Rs 60.62
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RUPEE IN LAHORE: The rupee maintained upward trend on Wednesday and improved its value by five paisa against dollar on Lahore currency market.Dealers said that dollar resumed trading at Rs 60.65 and Rs 60.75 as its buying and selling rates, respectively. In the absence of buying support, the dollar could not sustain and moved down to Rs 60.60 and Rs 60.70 against Tuesday's closing of Rs 60.70 and Rs 60.80 on buying and selling sides, respectively, they said.
However, the rupee lost against the pound sterling. The pound was purchased at Rs 121.00 and was sold at Rs 121.40 against previous closing of Rs 120.50 and Rs 120.80, dealers added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The buying and selling rates of dollar in rupee terms remained unchanged at the currency markets of Islamabad and Rawalpindi on Wednesday.
The dollar opened at Rs 60.90 (buying) and Rs 61 (selling) against the same overnight value. It did not observe any change and closed at Rs 60.90 (buying) and Rs 61 (selling).
Pound sterling opened at Rs 122.30 (buying) and Rs 122.50 (selling) against same last rate. It did not witness any change in the evening spell and closed at Rs 122.30 (buying) and Rs 122.50 (selling).
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