Slight recovery was seen on the interbank market on at the weekend as the rupee rose by three paisa against dollar for buying at 69.92 and it also gained nine paisa for selling at 69.96 due to good supply of the US currency, dealers said.
Commenting on the present trend on the currency market, some experts said that the rupee is likely to move both ways versus dollar in the near future. At the weekend, the dollar fell broadly in the NY market as persistent worries about the stability of two US mortgage finance giants were seen constraining the Federal Reserve's ability to raise interest rates this year.
The greenback briefly got some support versus yen, however, after a source told Reuters that Fed Chairman Ben Bernanke had said embattled mortgage finance houses Freddie Mac and Fannie Mae would qualify for discount window borrowing.
OPEN MARKET RATES: The rupee extended its overnight gains versus dollar, rising 60 paisa for buying and selling at 69.70 and 70.10 in process of trading, they said. The rupee, however, drifted lower in relation to euro, dropping 20 paisa for buying at Rs 110.90 and Rs 111.10, dealers said.
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Open Buying Rs 69.70
Open Selling Rs 70.10
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Interbank Closing Rates: Interbank Closing Rates For Dollar On Saturday.
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Buying Rs 69.92
Selling Rs 69.96
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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 8.50 11.00 9.25 11.25 10.00
1-Week 9.75 10.00 10.00 10.25 10.00
2-Week 10.00 10.25 10.25 10.40 10.23
1-Month 10.30 10.50 10.50 10.60 10.48
2-Months 11.30 11.40 11.40 11.50 11.40
3-Months 11.45 11.50 11.50 11.60 11.51
4-Months 11.45 11.50 11.50 11.65 11.53
5-Months 11.45 11.55 11.55 11.65 11.55
6-Months 11.50 11.65 11.60 11.70 11.61
9-Months 11.50 11.65 11.60 11.70 11.61
1-Year 11.55 11.70 11.65 11.80 11.68
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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 11.00 12.50 11.50 13.00 12.00
1-Week 11.00 12.50 11.50 13.00 12.00
2-Week 11.50 13.00 12.00 13.50 12.50
1-Month 12.00 13.50 13.00 14.00 13.13
2-Months 12.00 14.00 13.00 14.50 13.38
3-Months 12.50 14.50 13.50 15.00 13.88
4-Months 13.00 14.50 14.00 15.00 14.13
5-Months 13.50 14.50 14.00 15.50 14.38
6-Months 14.00 14.75 14.50 15.50 14.69
9-Months 14.25 15.00 14.75 16.00 15.00
1-Year 14.50 15.50 15.00 16.00 15.25
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RUPEE IN LAHORE: The rupee lost 30 paisa against dollar on buying side at Rs 70.50 but remained unchanged at Rs 71.00 on the selling side at Lahore currency market on Saturday.
As a result of weak supply in the market, the dollar showed strength and after appreciating its value closed higher at Rs 70.50 and Rs 71.00 on buying and selling sides against Friday closing of Rs 70.20 and Rs 71.00 respectively.
Similarly, the rupee declined against pound which was traded at Rs 138.50 and Rs 139.25 against the overnight closing of Rs 137.00 and Rs 139.00 on buying and selling counters, respectively.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar was up by 25 paisa against rupee at the currency markets of Islamabad and Rawalpindi on Saturday.
The dollar opened at Rs 70.25 (buying) and Rs 70.50 (selling) against last rate of Rs 70 (buying) and Rs 70.25 (selling). It did not observe further change in the evening session and closed at Rs 70.25 (buying) and Rs 70.50 (selling).
Pound sterling opened at Rs 138.50 (buying) and Rs 139 (selling) against last rate of Rs 138 (buying) and Rs 139 (selling). It did not observe further change in the second session and closed at Rs 138.50 (buying) and Rs 139 (selling).
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