As a result of the preventive measures taken by the State Bank of Pakistan (SBP), the rupee was able to resist fresh losses in it's value against dollar in the interbank market. Inching up with a little gain of five at 69.40 and 69.50 paisa for buying and selling, dealers said on Thursday.
To bring stability in the currency regime, the State Bank of Pakistan (SBP) on Thursday announced an increase in its key discount rate to 12.0 percent from 10.5 percent, effective May 23, reinforcing its fight against inflation and widening twin deficits.
The Governor of the SBP, Shamshad Akhtar said that the increase has been necessitated by the persistent and excessive government borrowing from the State Bank to meet financing requirements of the budget deficit.
In the fourth session, euro pushed to a one-month high against dollar on Thursday after the Federal Reserve cut its 2008 growth forecast, while crude oil's surge to fresh record highs stirred fears about inflation and a deeper US slowdown.
Oil jumped to a record high of $135.04 in early trade, extending big gains from the previous day and fuelling worries that the US economy is sliding into stagflation - a vicious combination of rising inflation and tepid growth.
OPEN MARKET RATES: By the official closing, the rupee continued its fall against dollar slipping 20 paisa for buying and selling at 70.00 and 70.10 in process of trading, they said.
The euro, however, maintained its upward trend, rising Rs 1.76 for buying and selling at Rs 110.20 and 110.30, they said.
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Open Buying Rs 70.00
Open Selling Rs 70.10
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Interbank Closing Rates: Interbank Closing Rates For Dollar On Thursday.
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Buying Rs 69.40
Selling Rs 69.50
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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 10.50 10.44
1-Week 9.70 10.00 9.90 10.25 9.96
2-Weeks 9.80 10.00 9.95 10.25 10.00
1-Month 9.80 10.00 9.90 10.25 9.99
2-Months 9.85 10.10 10.00 10.25 10.05
3-Months 9.85 10.15 10.00 10.25 10.06
4-Months 9.95 10.20 10.10 10.30 10.14
5-Months 10.00 10.20 10.15 10.30 10.16
6-Months 10.00 10.25 10.20 10.30 10.19
9-Months 10.00 10.25 10.25 10.35 10.21
1-Year 10.10 10.30 10.25 10.40 10.26
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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 10.50 11.25 11.00 11.75 11.13
1-Week 10.75 11.20 11.00 11.50 11.11
2-Weeks 10.50 11.00 10.75 11.25 10.88
1-Month 10.75 11.00 10.90 11.25 10.98
2-Months 10.85 11.00 11.00 11.40 11.06
3-Months 10.90 11.15 11.00 11.50 11.14
4-Months 10.50 11.00 11.10 11.25 10.96
5-Months 10.75 11.25 11.25 11.25 11.13
6-Months 10.75 11.25 11.25 11.50 11.19
9-Months 11.00 11.40 11.40 11.60 11.35
1-Year 11.00 11.50 11.50 11.75 11.44
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RUPEE IN LAHORE: The rupee has remained under pressure and further slipped by 10 paisa against the dollar whose demand remained intact. The dollar resumed trading at the overnight closing level of Rs 70.30 and Rs 70.80 as its buying and selling rates, it continued moving up. At the end of trading, it finished higher at Rs 70.40 and Rs 70.90 on buying and selling sides.
The rupee failed to get out of pressure and registered a significant loss against the British pound whose buying and selling rates jumped from Wednesday's closing of Rs 136.80 and Rs 137.20 to Rs 138.25 and Rs 138.75 on buying and selling counters.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar was up by 20 paisa against the rupee at the open currency markets of Islamabad and Rawalpindi on Thursday.
It opened at Rs 69.90 (buying) and Rs 70.00 (selling) against the last rate of Rs 69.70 (buying) and Rs 69.80 (selling). It did not observe any change in the second spell and closed at Rs 69.90 (buying) and Rs 70.00 (selling).
Pound Sterling opened at Rs 138.25 (buying) and Rs 138.50 (selling) against the last rate of Rs 136 (buying) and Rs 136.40 (selling). It did not observe any further change in the evening session and closed at Rs 138.25 (buying) and Rs 138.50 (selling).
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