Bearish sentiment was witnessed on the interbank market on Thursday as the rupee shed four paisa against dollar for buying at 62.88 and it also fell by three paisa for selling at 62.90, dealers said.
In Asian fourth trading session, dollar continued to gain against euro and yen but the greenback's rebound is seen likely to be short-lived owing to lingering uncertainties over the US economy, dealers said. In afternoon trading, euro traded at 1.5596 dollars, down from 1.5618 dollars in late US trade on Wednesday while the greenback changed hands at 99.16 yen, up from 99.01 yen overnight.
Japan's financial markets are closed on Thursday and will reopen on Friday. The euro surged to a lifetime high of 1.5905 dollars on Monday while the dollar fell to a 12-year low of 95.75 yen, also on the same day, a bottom not seen since September 1995.
Since then, the dollar has recovered against euro and yen after the US Federal Reserve slashed its base federal funds rate by three-quarters of a point to 2.25 percent in a bid to ease a growing credit crisis that is threatening to freeze up financial markets.
OPEN MARKET RATES: The rupee extended its fall, losing eight paisa versus dollar for buying and selling at 63.13 and 63.23 as demand by importers were up ahead of holiday, dealers said. The rupee, however, gained 60 paisa gainst euro for buying and selling at Rs 98.00 and Rs 98.10, they said.
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Open Buying Rs 63.13
Open Selling Rs 63.23
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INTERBANK CLOSING RATES: Interbank closing rates for dollar on Thursday.
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Buying Rs 62.88
Selling Rs 62.90
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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 3.00 9.75 3.50 10.00 6.56
1-Week 8.00 9.70 9.25 10.00 9.24
2-Weeks 9.70 9.90 9.90 10.20 9.93
1-Month 9.65 9.80 9.75 9.90 9.80
2-Months 9.65 9.80 9.75 10.00 9.78
3-Months 9.65 9.80 9.75 10.00 9.80
4-Months 9.65 9.85 9.75 10.00 9.81
5-Months 9.70 9.85 9.80 10.00 9.84
6-Months 9.70 9.90 9.80 10.00 9.85
9-Months 9.75 9.90 9.85 10.00 9.88
1-Year 10.00 10.10 10.00 10.25 10.09
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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 4.00 10.25 5.00 10.50 7.44
1-Week 10.00 10.50 10.25 10.75 10.38
2-Weeks 10.40 10.75 10.50 11.00 10.66
1-Month 10.25 10.65 10.40 10.75 10.51
2-Months 10.00 10.40 10.25 10.60 10.31
3-Months 10.00 10.40 10.25 10.50 10.29
4-Months 10.00 10.50 10.25 10.75 10.38
5-Months 10.00 10.50 10.25 10.75 10.38
6-Months 10.15 10.60 10.40 10.75 10.48
9-Months 10.25 10.75 10.50 11.00 10.63
1-Year 10.25 10.75 10.50 11.00 10.63
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RUPEE IN LAHORE: The sharp decline in the gold prices in the international market has helped the rupee recover from its position against the pound and the dollar.
The international market on Thursday witnessed a significant decline in the gold prices also easing gold in the Pakistan market by Rs 1,672 per 10 gms to Rs 18,770. Major currencies, including the greenback, euro and pound, also shed their values.
The dollar in the Lahore market declined to Rs 63.00 and Rs 63.10 against the overnight closing of Rs 63.15 and Rs 63.25 on buying and selling sides.
The rupee on Thursday gained strength against the pound sterling falling to Rs 124.50 and Rs 125.00 as compared to the previous closing of Rs 126.20 and Rs 126.55 on buying and selling counters.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee-dollar parity remained unchanged at the open currency markets of Islamabad and Rawalpindi on Thursday.
The dollar opened at Rs 62.70 (buying) and Rs 62.80 (selling) against the previous rate. It did not observe any change in the evening session and closed at Rs 62.70 (buying) and Rs 62.80 (selling).
Pound Sterling opened at Rs 125.90 (buying) and Rs 126.00 (selling) against the overnight value. It did not observe further change in the second session and closed at Rs 125.90 (buying) and Rs 126 (selling).
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