Bearish sentiment was seen in the interbank market on Wednesday as the rupee failed to show rise in its value despite the higher trend in the remittances specially during the month of Ramazan, dealers said. The rupee shed against dollar five paisa for buying at Rs 60.65 and it also fell for selling by six paisa at Rs 60.67 during the day, they said.
Usually, it is observed that in Ramazan, the overseas Pakistanis send foreign exchange which helps in easy availability of dollar, they said. Thus the country's foreign exchange reserves improve but the widening trade deficit evaporates the surplus supply of dollar, money experts said. In the Asian markets euro struck another record high against dollar on growing concerns that the world's largest economy is losing steam, dealers said.
They said that another batch of sluggish data had sparked renewed speculation about possible further US interest rate cuts. The euro reached 1.4162 for a dollar in early Tokyo trade, the highest level since its introduction in January 1999.
OPEN MARKET RATES: The rupee held its overnight level against the dollar for buying and selling at Rs 60.63 and Rs 60.68, dealers said. Meanwhile, the rupee dropped by 49 paisa against euro as the single European currency is flying high to see clours after breaking record during the week, dealers said.
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Kerb Buying Rs 60.63
Kerb Selling Rs 60.68
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INTERBANK CLOSING RATES: Interbank closing rates for dollar on Wednesday.
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Buying Rs 60.65
Selling Rs 60.67
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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 8.75 7.75 8.90 8.23
1-Week 8.80 9.10 8.90 9.20 9.00
2-Weeks 9.00 9.15 9.05 9.25 9.11
1-Month 9.05 9.25 9.15 9.30 9.19
2-Months 9.10 9.30 9.20 9.35 9.24
3-Months 9.15 9.30 9.25 9.35 9.26
4-Months 9.15 9.35 9.30 9.40 9.30
5-Months 9.20 9.35 9.30 9.40 9.31
6-Months 9.20 9.40 9.30 9.45 9.34
9-Months 9.25 9.40 9.35 9.50 9.38
1-Year 9.25 9.45 9.35 9.50 9.39
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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 7.75 9.25 7.90 9.40 8.58
1-Week 8.85 9.25 8.95 9.30 9.09
2-Weeks 9.10 9.30 9.25 9.40 9.26
1-Month 9.25 9.50 9.35 9.60 9.43
2-Months 9.25 9.60 9.40 9.70 9.49
3-Months 9.30 9.60 9.35 9.75 9.50
4-Months 9.30 9.70 9.50 9.80 9.58
5-Months 9.40 9.90 9.60 10.00 9.73
6-Months 9.60 10.00 9.75 10.10 9.86
9-Months 9.75 10.10 10.00 10.25 10.03
1-Year 9.90 10.25 10.10 10.40 10.16
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RUPEE IN LAHORE: The rupee failed to maintain an upward slide and lost five paisas in the open currency markets on Wednesday.
The dollar resumed trading at overnight closing level of Rs 60.60 and Rs 60.70 as its buying and selling rates. The dollar's rate moved up and finally closed at Rs 60.65 and Rs 60.75 on buying and selling sides because of slight increase in dollar's demand.
The rupee remained under pressure and further lost its value against the pound sterling bought at Rs 122.00 and sold at Rs 122.30 against Tuesday's closing values of Rs 121.50 and Rs 122.00.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee remained firm against the dollar at the open currency markets of Islamabad and Rawalpindi on Wednesday.
The dollar opened at Rs 60.60 (buying) and Rs 60.70 (selling) against the last rate. It did not observe any change in the evening session and closed at Rs 60.60 (buying) and Rs 60.70 (selling).
Pound sterling opened at Rs 122.50 (buying) and Rs 122.70 (selling) against the last rate. It did not observe any change in the second session and closed at Rs 122.50 (buying) and Rs 122.70 (selling).
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