Range-bound trading was seen on the interbank market on Thursday as the rupee showed gradual fall of five paisa against the dollar for buying and selling at 81.70 and 81.75, currency experts said. Commenting on the currency movements they said that the rupee was travelling in the negative territory on the interbank market due to strong demand by the banks.
But erosion in the value of the rupee was modest during the week. In the meantime, it can be expected that as a result of inflows of foreign exchange dollar may come down in the coming days. Additionally the value of dollar is likely to show some decline after the US elections in November 2008.
The expenditures or demand of the US currency have increased due to elections campaign in the United States, so it is expected that the dollar may start limping at home and also in other markets of the world, they said. Advisor to the Prime Minister said that we have no other option except seeking assistance from the International Monetary Fund (IMF) to cope with dwindling foreign reserves and a balance-of-payments (BoP) crisis. The top economic officials had been in talks with the IMF in Dubai since last week and Shaukat Tarin, told the Senate late on Wednesday the negotiations would be completed on Thursday.
Amid fourth Asian session euro jumped against dollar and yen as a recovery in emerging assets helped ease fears about global financial woes, prompting investors to buy back the recently battered European single currency. The yen fell broadly as a rally in Tokyo share prices and growing expectations the Bank of Japan could cut interest rates this week fuelled profit taking on the Japanese currency's surge this month.
OPEN MARKET RATES: The rupee gave up its overnight vulnerability, recovering 20 paisa against dollar for buying at 83.30 and it also gained 50 paisa for selling at 84.00, they said. The rupee, however, lost Rs 1.20 versus euro for buying and selling at Rs 109.30 and Rs 109.40, they said.
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Open Buying Rs 83.30
Open Selling Rs 84.00
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Interbank Closing Rates: Interbank Closing Rates For Dollar On Thursday.
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Buying Rs 81.70
Selling Rs 81.75
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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 10.50 12.00 11.25 12.25 11.50
1-Week 11.25 11.75 11.75 12.00 11.69
2-Week 11.50 11.75 11.80 12.00 11.76
1-Month 11.75 12.10 12.10 12.25 12.05
2-Months 12.25 12.45 12.40 12.55 12.41
3-Months 12.25 12.50 12.40 12.60 12.44
4-Months 12.35 12.50 12.45 12.55 12.46
5-Months 12.40 12.55 12.50 12.60 12.51
6-Months 12.50 12.60 12.55 12.65 12.58
9-Months 12.50 12.65 12.60 12.70 12.61
1-Year 12.55 12.65 12.65 12.75 12.65
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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 16.00 14.00 17.00 15.00
1-Week 13.00 17.00 14.00 18.00 15.50
2-Week 13.00 17.00 14.00 18.00 15.50
1-Month 12.50 16.00 13.50 17.00 14.75
2-Months 13.00 15.00 14.00 16.00 14.50
3-Months 13.00 15.00 14.00 16.00 14.50
4-Months 13.00 15.00 14.00 16.00 14.50
5-Months 13.50 15.50 14.50 16.50 15.00
6-Months 13.50 15.50 14.50 16.50 15.00
9-Months 14.50 16.00 15.50 17.00 15.75
1-Year 14.50 16.00 15.50 17.00 15.75
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RUPEE IN LAHORE: The Pak rupee recovered some of its earlier loss and improved its value by Rs 2 against the US dollar in the open currency market on Thursday. The dollar resumed trading at overnight closing level of Rs 85.00 and Rs 86.00 as its buying and selling rates, respectively. As a result of selling pressure, the dollar kept on moving down and finally closed lower at Rs 83.00 and Rs 84.00 on buying and selling counters, respectively.
However, the rupee remained under pressure throughout the day and declined against the British pound. The pound commenced trading at Rs 139.00 and Rs 141.00 on buying and selling sides but after depreciating value closed at Rs 137.50 and Rs 139.50 as compared to last day closing of Rs 137.00 and Rs 139.00, respectively
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee showed a recovery of 50 paisa against the dollar at the open currency markets of Islamabad and Rawalpindi on Thursday. The dollar opened at Rs 83.50 (buying) and Rs 84 (selling) against last rate of Rs 84 (buying) and Rs 84.50 (selling). It did not observe further change in the second session and closed at Rs 83.50 (buying) and Rs 84 (selling). Pound Sterling opened at Rs 138 (buying) and Rs 139 (selling) against last rate of Rs 135 (buying) and Rs 136 (selling). It did not observe further change in the second session and closed at Rs 138 (buying) and Rs 139 (selling).
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