Declining trend was seen in the interbank market as the rupee shed two paisa against dollar for buying and selling at Rs 61.25 and Rs 61.27, dealers said. The demand persisted in the market and it seems that the rupee may move in cautious way, they said.
In the global markets, the dollar rose against yen at the weekend as slightly above-forecast jobs report eased some concerns that a housing slump had spread to the broad economy and reduced chances of an aggressive Fed interest rate cut.
Analysts said it was now certain the Federal Reserve would lower its benchmark overnight lending rate by only 25 basis points to 4.25 percent next Tuesday rather than half a percentage point as the economy was not falling off a cliff.
OPEN MARKET RATES: The rupee, however, gained five piasa in terms of the rupee for buying and selling at Rs 61.40 and Rs 61.50, they said. The rupee lost 25 paisa in relation to euro for buying and selling at Rs 89.80 and Rs 89.90, they said.
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Open Buying Rs 61.40
Open Selling Rs 61.50
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INTERBANK CLOSING RATES: Interbank closing rates for dollar on Saturday.
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Buying Rs 61.25
Selling Rs 61.27
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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 9.25 7.00 9.50 8.06
1-Week 9.20 9.30 9.25 9.30 9.26
2-Weeks 9.30 9.40 9.40 9.50 9.40
1-Month 9.30 9.40 9.40 9.50 9.40
2-Months 9.25 9.35 9.35 9.45 9.35
3-Months 9.25 9.40 9.30 9.45 9.35
4-Months 9.25 9.40 9.35 9.50 9.38
5-Months 9.30 9.45 9.35 9.50 9.40
6-Months 9.30 9.50 9.40 9.55 9.44
9-Months 9.35 9.45 9.40 9.55 9.44
1-Year 9.35 9.50 9.40 9.55 9.45
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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 6.75 9.50 7.25 9.75 8.31
1-Week 9.25 9.40 9.40 9.50 9.39
2-Weeks 9.35 9.60 9.40 9.65 9.50
1-Month 9.50 9.65 9.60 9.70 9.61
2-Months 9.50 9.70 9.60 9.80 9.65
3-Months 9.50 9.75 9.60 9.80 9.66
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 closed higher at the weekend after it increased its worth by 15 paisa against the US dollar in the open currency market on Saturday.
The dollar remained under selling pressure and fell to Rs 61.25 and Rs 61.35 against Friday's closing of Rs 61.40 and Rs 61.50 on buying and selling sides. The dollar's decline was because international markets closed.
The rupee failed to sustain and lost its value against the pound sterling whose buying rate increased from the overnight closing of Rs 124.20 to Rs 124.30 while its selling rate remained unchanged at Rs 124.60.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee remained firm against the dollar at the open currency markets of Islamabad and Rawalpindi on Saturday.
The dollar opened at Rs 61.30 (buying) and Rs 61.40 (selling) against the last rate. It did not observe any change in the evening session and closed at Rs 61.30 (buying) and Rs 61.40 (selling).
Pound Sterling opened at Rs 126.80 (buying) and Rs 127.00 (selling) against the last rate. British currency did not observe any change in the second session and closed at Rs 126.80 (buying) and Rs 127.00 (selling).
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