Directives by the State Bank of Pakistan (SBP) to ward off speculative trade in the currency market, helped the rupee to minimise its losses versus the dollar, money experts said.
At official closing, in the interbank market the rupee lost approximately, Rs 1.75 or nearly two percent against the dollar for buying and selling at 68.25 and 68.75 following the cautionary steps taken by central bank to keep the rupee at a certain level, they said.
The morning session started on a negative note as the rupee opened with a fall of 2.00 or two percent at 68.50 and 69.00 for buying and selling, they said. Later, during the afternoon session, it trimmed its erosion, recovered, 75 paisa for buying and selling at 67.50 and 68.00
Last week SBP governor asked the moneychangers' bosses to take necessary measures to stop speculative buying of dollars, they said. As a result of corrective measures, a positive development was also noticed that at a time the gap narrowed between official and open market rates and also the difference between buying and selling rates, as well.
Mounting fears on the political front are pushing the whole nation into the unforeseen uncertainties, already under pressure due to weak economic fundamentals, as well, they said.
In the first session of the week in Asia, dollar posted modest gains in as traders braced for a raft of data that may shed new light on the extent of the US economic slowdown, dealers said. The dollar edged up to 103.13 yen in Tokyo morning trade from 102.82 in New York late Friday. The euro slipped to 1.5440 dollars from 1.5481 but was stable at 159.16 yen.
The dollar gained ground as speculators adjusted positions following heavy selling of the US currency at the weekend as traders bet on steady eurozone interest rates and mulled news of a big quarterly loss at US insurance giant AIG.
OPEN MARKET RATES: Till the official closing, the rupee recovered five paisa against the dollar for buying and selling at 67.85 and 67.95, they said. The rupee followed the same path versus euro, gaining 95 paisa for buying and selling at Rs 103.85 and Rs 103.95, they said.
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Open Buying Rs.67.85
Open Selling Rs.67.95
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Interbank Closing Rates: Interbank Closing Rates For Dollar On Monday.
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Buying Rs 68.25
Selling Rs 68.75
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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 8.75 10.00 9.00 10.25 9.50
1-Week 9.00 9.25 9.25 9.50 9.25
2-Weeks 9.15 9.40 9.25 9.50 9.33
1-Month 9.25 9.50 9.40 9.70 9.46
2-Months 9.50 9.80 9.70 9.90 9.73
3-Months 9.65 9.90 9.80 10.00 9.84
4-Months 9.75 10.00 9.90 10.10 9.94
5-Months 9.85 10.10 10.00 10.20 10.04
6-Months 9.85 10.10 10.00 10.20 10.04
9-Months 9.90 10.10 10.10 10.25 10.09
1-Year 10.00 10.25 10.20 10.40 10.21
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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 9.50 10.50 9.75 10.75 10.13
1-Week 9.50 10.00 9.75 10.25 9.88
2-Weeks 9.50 9.75 9.75 10.00 9.75
1-Month 9.60 10.00 9.90 10.25 9.94
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 went down 20 paisa on buying and selling side against dollar at Lahore currency market on Monday.The State Bank of Pakistan's move to curb foreign currencies' flight helped the rupee get out of pressure. The dollar was traded at Rs 68.20 and Rs 68.70 compared with its last Saturday's price at Rs 68.00 and Rs 68.50 on buying and selling counters.
The local currency also stayed weaker versus pound sterling and was bought and sold at Rs 132.00 and 132.60 compared with its previous rates at Rs 130.50 and Rs 131.00.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar was up 35 paisa against rupee at the currency markets of Islamabad and Rawalpindi on Monday.
The dollar opened at Rs 68.30 (buying) and Rs 68.40 (selling) against last rate of Rs 67.95 (buying) and Rs 68 (selling). It did not observe any change in the evening session and closed at Rs 68.30 (buying) and Rs 68.40 (selling).
Pound sterling opened at Rs 132.40 (buying) and Rs 132.60 (selling) against same last rate. It did not observe further change in the evening session and closed at Rs 132.40 (buying) and Rs 132.60 (selling).
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