Bullish sentiment was seen on the interbank market on Saturday as rupee continued rise against dollar, gaining 55 paisa for buying and selling at 75.90 and 76.00, dealers said. The rupee posted modest gain on Friday evening on the back of intervention by the State Bank of Pakistan (SBP) and it maintained its firmness the next day.
But how far it will continue its rise, it will depend on the developments during coming days, they said. The currency market is under pressure for the last several months due to mounting uncertainty on the political and economic fronts and still there were no positive signal from any side, they added.
The new day started with new confusion or bomb explosion causing a lot of confusions among both foreign and local investors, they said. According a report, the former Pakistani prime minister Nawaz Sharif agreed on Friday to a debate in parliament next week on the restoration of judges deposed last year, putting back a deadline on a demand that could split the ruling coalition.
In the final session, the dollar surged in New York market, recovering from the previous day's losses, as gloomy British growth data backed views of a slowing global economy and raised prospects of interest rate cuts outside the United States. A $6.59 drop in US crude oil prices to below $115 per barrel contributed to a rally on Wall Street, and comments by influential investor Warren Buffett that he has no bets against dollar also added to the US currency's upward momentum.
OPEN MARKET RATES: The rupee shrugged off the overnight weakness against dollar, gaining sharply by Rs 1.10 for buying at 75.50 and it rose by 65 paisa for selling at Rs 76.50, they said. The rupee, however, lost some of its value in relation to euro, losing Rs 2.35 for buying at Rs 110.15 and it shed Rs 2.55 for selling at Rs 110.30, they added.
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Open Buying Rs 75.50
Open Selling Rs 76.50
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Interbank Closing Rates: Interbank Closing Rates For Dollar On Saturday.
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Buying Rs 75.90
Selling Rs 76.00
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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 12.25 12.90 12.75 12.90 12.70
1-Week 12.30 12.40 12.50 12.60 12.45
2-Week 12.35 12.50 12.50 12.65 12.50
1-Month 12.20 12.40 12.40 12.50 12.38
2-Months 12.00 12.20 12.10 12.30 12.15
3-Months 12.00 12.25 12.10 12.30 12.16
4-Months 12.00 12.25 12.10 12.30 12.16
5-Months 12.00 12.25 12.20 12.30 12.19
6-Months 12.10 12.25 12.20 12.35 12.23
9-Months 12.10 12.25 12.25 12.35 12.24
1-Year 12.10 12.25 12.25 12.40 12.25
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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 13.00 15.00 13.50 15.00 14.13
1-Week 12.90 14.00 13.25 14.50 13.66
2-Week 13.00 14.00 13.25 14.50 13.69
1-Month 12.75 14.00 13.25 14.25 13.56
2-Months 13.00 14.00 13.50 14.50 13.75
3-Months 13.00 14.50 13.50 15.00 14.00
4-Months 13.25 14.50 13.75 15.00 14.13
5-Months 13.25 14.75 14.00 15.25 14.31
6-Months 13.50 15.00 14.00 15.50 14.50
9-Months 13.75 15.00 14.50 15.50 14.69
1-Year 14.00 15.50 14.75 15.75 15.00
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RUPEE IN LAHORE: The rupee remained unchanged against dollar on the buying side while it gained 20 paisa on the selling side in Lahore currency market on Saturday. The dollar resumed trading at overnight closing level of Rs 75.50 and Rs 76.50 on buying and selling sides respectively. The dollar lost its value on selling side amid low trading activity and closed at Rs 75.50 and Rs 76.25 on buying and selling sides, respectively.
Similarly, the rupee showed marginal improvement on the buying side against the British pound while it remained unchanged on the selling side. The pound was traded at Rs 139.50 and Rs 142.00 as compared to previous closing of Rs 139.60 and Rs 142.00 on buying and selling sides, respectively.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee slightly improved against dollar in the currency markets of Islamabad and Rawalpindi on Saturday as people tend to accumulate as much hard currency as they can due to uncertain political and economic situation in the country.
The dollar opened at Rs 75.50 (buying) and Rs 76.00 (selling) against last rate of Rs 76.00 (buying) and Rs 76.50 (selling). It did not observe further change in the evening session and closed at Rs 75.50 (buying) and Rs 76.00 (selling).Pound sterling opened at Rs 141.60 (buying) and Rs 142.60 (selling) against last rate of Rs 142.00 (buying) and Rs 142.50 (selling). It did not observe further change in the evening session and closed at Rs 141.60 (buying) and Rs 142.60 (selling).
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