Mixed trend was seen in the currency market on Wednesday as the rupee moved both ways in process of trading, dealers said. In the interbank market, the rupee gained 12 paisa in relation to dollar for buying at 61.83 and it also picked up 15 paisa for selling at 61.85, they said.
In the Asian market, dollar was mixed in Asian trading Wednesday amid speculation of another move by the Federal Reserve to cut interest rates to bolster the sluggish US economy, dealers said. In morning trading, dollar was higher at 111.73 yen from 111.70 yen in late New York trading hours Monday.
The euro rose to 1.4604 dollars from 1.4585 dollars. Trading was closed on Tuesday for New Year's Day and volumes remained thin because financial markets in Japan are closed until Friday. Traders are betting the Fed will cut interest rates this month in a move to shore up the world's largest economy after data late last week showed new US home sales sank nine percent in November, their slowest sales rate in more than 12 years, said dealers.
OPEN MARKET RATES: The rupee failed to maintain its firmness, giving up five paisa against the dollar for buying at 61.35 and it also shed 10 paisa for selling at 60.50, they said. The rupee also lost 40 paisa against euro for buying and selling at 89.40 and 89.50, they added.
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Open Buying Rs 61.35
Open Selling Rs 61.50
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INTERBANK CLOSING RATES: Interbank closing rates for dollar on Wednesday.
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Buying Rs 61.83
Selling Rs 61.85
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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 9.90 9.95 9.90 9.95 9.93
1-Week 9.75 9.85 9.85 9.90 9.84
2-Weeks 9.65 9.70 9.75 9.80 9.73
1-Month 9.40 9.50 9.45 9.55 9.48
2-Months 9.35 9.50 9.45 9.60 9.48
3-Months 9.35 9.50 9.45 9.60 9.48
4-Months 9.30 9.45 9.45 9.50 9.43
5-Months 9.30 9.45 9.40 9.50 9.41
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 9.90 10.00 10.00 10.25 10.04
1-Week 9.90 10.00 9.95 10.10 9.99
2-Weeks 9.75 9.90 9.85 10.00 9.88
1-Month 9.50 9.70 9.60 9.80 9.65
2-Months 9.50 9.65 9.60 9.75 9.63
3-Months 9.60 9.75 9.70 9.80 9.71
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 showed stability and remained unchanged at Rs 61.10 and Rs 61.20 on buying and selling sides against the greenback in the open currency market on Wednesday.
The dollar commenced trading at Rs 61.10 and Rs 61.20 as its buying and selling rates, respectively. The dollar witnessed fractional change of two-three paisa in its worth and closed at the opening level.
The rupee could not maintain rising trend and lost its worth against the pound sterling. The pound after improving its value closed at Rs 121 from Rs 120.70 while selling rate moved up from Tuesday's closing of Rs 121.20 to Rs 121.50.
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