Continued forward buying of dollars pushed the rupee rates down in the currency market on Wednesday ahead of Labour Day holiday, dealers said. In the interbank market the rupee shed seven paisa in terms of dollar at 64.59 for buying and it also lost eight paisa for selling at 64.62, they said.
They said that there was some speculative buying of dollars by the importers for oil payments and partly because of rumours that the State Bank of Pakistan (SBP) may raise interest rate to bring imports down and also to contain the fiscal deficit.
It was surprising that despite the precautionary measures taken by the bank to curb the rupee's fall, the rates in both interbank and open market continued their downward trend, they said. In the third Asian trading dollar was little changed, with investors bracing for an expected Federal Reserve interest rate cut and a tweaked policy statement indicating the central bank may pause its aggressive run of rate slashes.
The prospect of the Fed taking a break from trying to underpin the weakening economy with lower rates has helped dollar rebound from record lows struck versus euro last week.
OPEN MARKET RATES: In line with the interbank market trend, the rupee fell sharply versus dollar, losing 90 paisa for buying and selling 65.80 and 65.90 amid hectic buying of greenback, they said. The rupee, however, lost 45 paisa in terms of euro for buying and selling at Rs 102.65 and 102.75, they said.
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Open Buying Rs 65.80
Open Selling Rs 65.90
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Interbank Closing Rates: Interbank Closing Rates For Dollar On Wednesday.
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Buying Rs 64.59
Selling Rs 64.62
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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 4.00 8.75 4.50 9.00 6.56
1-Week 8.60 9.00 8.75 9.25 8.90
2-Weeks 8.90 9.20 9.00 9.30 9.10
1-Month 9.20 9.40 9.35 9.50 9.36
2-Months 9.60 9.80 9.70 9.90 9.75
3-Months 9.60 9.85 9.75 9.95 9.79
4-Months 9.70 9.90 9.80 10.00 9.85
5-Months 9.75 10.00 9.85 10.10 9.93
6-Months 9.75 10.10 9.85 10.20 9.98
9-Months 9.80 10.10 9.90 10.20 10.00
1-Year 10.00 10.15 10.10 10.25 10.13
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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 7.00 9.50 7.50 9.75 8.44
1-Week 9.00 9.75 9.40 10.00 9.54
2-Weeks 9.25 9.75 9.50 10.00 9.63
1-Month 9.50 10.00 9.75 10.25 9.88
2-Months 9.90 10.25 10.10 10.40 10.16
3-Months 10.00 10.25 10.25 10.40 10.23
4-Months 10.00 10.40 10.25 10.60 10.31
5-Months 10.25 10.75 10.40 11.00 10.60
6-Months 10.25 11.00 10.50 11.25 10.75
9-Months 10.40 11.00 10.60 11.25 10.81
1-Year 10.50 11.00 10.75 11.50 10.94
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RUPEE IN LAHORE: The rupee recovered 35 paisa against dollar for buying and 30 paisa for selling at Lahore currency market on Wednesday.
The dollar closed lower at Rs 65.50 and Rs 65.90 as compared to Tuesday's closing of Rs 65.85 and Rs 66.20. The rupee also showed strength against British pound which was traded at Rs 129.00 and Rs 129.80 against the previous closing of Rs 130.70 and Rs 131.30 on buying and selling counters.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee gained 10 paisa against dollar at the currency markets of Islamabad and Rawalpindi on Wednesday. The dollar opened at Rs 64.70 (buying) and Rs 64.80 (selling) against last rate of Rs 65.80 (buying) and Rs 65.90 (selling). It did not observe any change in the evening session and closed at Rs 64.70 (buying) and Rs 64.80 (selling).
Pound sterling opened at Rs 129.80 (buying) and Rs 130 (selling) against last rate of Rs 131.25 (buying) and Rs 131.35 (selling). It did not observe further change in the evening session and closed at Rs 129.80 (buying) and Rs 130 (selling).
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