The rupee was back on track in the interbank market on Thursday, recovering another 47 paisa against dollar for buying and selling at 61.85 and 61.90, currency experts said. The credit goes to the State Bank of Pakistan's (SBP) strategy and peaceful process of elections in the country, seemingly marking the end of political uncertainties, they said.
During the post-election session, the rupee came under pressure in both the interbank and open market due to excessive dollar buying by the importers. Till now, the domestic currency has recovered rupees 1.26 versus dollar and analysts hope that the rupee may depict more stability in the coming days.
Negotiations are under process between the two leading winners for making the new government, they said adding that country's major indicator the Karachi Stock Exchange (KSE) is kept bullish sentiment for the third day in trading. The KSE 100-index reached to all time highest level after crossing 15,000 points barrier after increment of 200 points on Thursday. This is the first time in country's history that 100-Index has crossed the barrier of 15,000.
In the forth Asian session, dollar was little changed against yen and euro, stung by expectations the Federal Reserve will keep slashing interest rates to prevent the US economy from suffering a sharper downturn. In its quarterly forecast, the Fed cut its economic growth forecast for 2008 due to the deepening housing slump and tight credit, saying the risks of further setbacks were worrisome.
OPEN MARKET RATES: Major gains were seen as there was a gain of rupees 1.30 against dollar for buying and selling at 61.85 and 62.00 in process of trading, they said.
The rupee appreciated sharply against the euro for buying and selling at Rs 90.75 and Rs 90.85, they said.
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Open Buying Rs 61.85
Open Selling Rs 62.00
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INTERBANK CLOSING RATES: Interbank closing rates for dollar on Thursday.
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Buying Rs 61.85
Selling Rs 61.90
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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 10.40 10.45 10.40 10.45 10.43
1-Week 10.00 10.20 10.25 10.30 10.19
2-Weeks 9.75 10.00 9.90 10.10 9.94
1-Month 9.50 9.75 9.65 9.80 9.68
2-Months 9.40 9.50 9.50 9.60 9.50
3-Months 9.40 9.55 9.50 9.75 9.55
4-Months 9.50 9.65 9.65 9.75 9.64
5-Months 9.50 9.75 9.65 9.80 9.68
6-Months 9.55 9.75 9.70 9.90 9.73
9-Months 9.60 9.80 9.70 9.90 9.75
1-Year 9.65 9.80 9.75 9.90 9.78
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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 10.40 10.75 10.50 11.00 10.66
1-Week 10.20 10.40 10.30 10.50 10.35
2-Weeks 9.90 10.25 10.10 10.40 10.16
1-Month 9.75 10.25 10.00 10.40 10.10
2-Months 9.75 10.25 10.00 10.50 10.13
3-Months 9.75 10.30 10.00 10.50 10.14
4-Months 9.75 10.35 10.00 10.50 10.15
5-Months 9.90 10.40 10.20 10.50 10.25
6-Months 10.00 10.40 10.25 10.50 10.29
9-Months 10.00 10.50 10.25 10.60 10.34
1-Year 10.10 10.50 10.30 10.60 10.38
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RUPEE IN LAHORE: The rupee has lost its worth as compared to the US dollar amid highly volatile trading in the open currency market on Thursday.
Dealers have described the demand increase in dollar the cause of weakness of the rupee. The dollar, after it fluctuated, finally ended at Rs 62.00 and Rs 61.40 on buying and selling counters against its overnight closing at Rs 61.50 and Rs 61.70.
The rupee also showed weakness against the pound on Thursday. The dealers quoted its buying and selling price as Rs 120.80 and Rs 121.50 compared with its preceding closing at Rs 119.00 and Rs 119.50.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee showed significant improvement against the dollar at the open currency markets of Islamabad and Rawalpindi on Thursday.
The dollar opened at Rs 62.00 (buying) and Rs 62.10 (selling) against the last rate of Rs 63.00 (buying) and Rs 63.10 (selling). It did not observe any change in the evening session and closed at Rs 62 (buying) and Rs 62.10 (selling).
Pound Sterling opened at Rs 121.00 (buying) and Rs 121.20 (selling) against the last rate of Rs 123.00 (buying) and Rs 123.25 (selling). It did not observe any change in the evening session and closed at Rs 121.00 (buying) and Rs 121.20 (selling).
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