The rupee moved slightly against dollar and euro in the open and interbank markets on Tuesday, dealers said. In the open market, the rupee firmly held its overnight levels against dollar for buying and selling at Rs 60.70 and Rs 60.75 due to easy supply of the US currency, they said.
One factor which is playing a vital role in firmness of the rupee versus dollar, is the State Bank of Pakistan's (SBP) firm stance to keep the rupee at the present level despite the repeated insistences of the textile sector to devalue the rupee, money experts said.
The textile sector, it is said, has the only solution to increase their exports of textile items or enable them to face world competition through the devaluation of the rupee versus dollar, they said. In the annual report of the State Bank of Pakistan (SBP), there is no indication of any depreciation of the rupee as the local currency has already depreciated by 1.14 percent during the first quarter of the current fiscal year.
In the meantime, the rupee has resisted the visible fall in its value against dollar due to high inflows of the US currency in shape of the remittance by the overseas Pakistanis, they said.
In the Asian market, in the second session, dollar hovered near record lows against euro and a basket of major currencies on expectations the Federal Reserve will lower interest rates this week and possibly again later this year.
The Fed is widely seen cutting rates by a quarter point to 4.5 percent on Wednesday to prevent the US economy from sustaining broader damage from deterioration in the housing sector.
OPEN MARKET RATES: The rupee held its overnight levels against dollar for buying and selling at Rs 60.70 and Rs 60.75, they said. The rupee, however, gained modestly in relation to euro for buying and selling at Rs 87.05 and Rs 87.15, they said.
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Open Buying Rs 60.70
Open Selling Rs 60.75
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INTERBANK CLOSING RATES: Interbank closing rates for dollar on Tuesday.
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Buying Rs 60.69
Selling Rs 60.70
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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 9.55 9.70 9.60 9.75 9.65
1-Week 9.45 9.60 9.60 9.70 9.59
2-Weeks 9.35 9.50 9.45 9.60 9.48
1-Month 9.30 9.40 9.45 9.50 9.40
2-Months 9.30 9.45 9.35 9.50 9.40
3-Months 9.25 9.45 9.35 9.50 9.39
4-Months 9.30 9.45 9.35 9.50 9.40
5-Months 9.30 9.45 9.35 9.55 9.41
6-Months 9.30 9.50 9.35 9.55 9.43
9-Months 9.35 9.50 9.40 9.55 9.45
1-Year 9.35 9.50 9.40 9.60 9.46
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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 9.60 9.75 9.65 9.80 9.70
1-Week 9.50 9.75 9.70 9.80 9.69
2-Weeks 9.55 9.75 9.65 9.80 9.69
1-Month 9.45 9.75 9.55 9.80 9.64
2-Months 9.45 9.75 9.55 9.80 9.64
3-Months 9.45 9.75 9.50 9.80 9.63
4-Months 9.50 9.75 9.60 9.80 9.66
5-Months 9.50 9.90 9.65 9.90 9.74
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 lost five paisa against dollar in Lahore currency market on Tuesday. The dollar recorded gain following a slight increase in its demand and was traded at Rs 60.75 and Rs 60.85 against Monday's closing of Rs 60.70 and Rs 60.80 on buying and selling sides.
The rupee continued a downward slide, further slipping against the pound sterling whose buying rate improved from the previous closing of Rs 124.40 to Rs 124.70 while its selling rate moved up from Rs 124.65 to Rs 125.00.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee remained firm against dollar at the currency markets of Islamabad and Rawalpindi on Tuesday. The dollar opened at Rs 60.60 (buying) and Rs 60.70 (selling) against same previous rate. It did not show any change in the second session and closed at Rs 60.60 (buying) and Rs 60.70 (selling).
Pound sterling opened at Rs 123 (buying) and Rs 123.20 (selling) against same previous rate. It did not observe any change in the evening session and closed at Rs 123 (buying) and Rs 123.20 (selling).
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