Divergent trend was seen on the currency market on Wednesday as the rupee moved both ways in process of trading, market men said. On the interbank market, the rupee shed two paisa against dollar for buying and selling at 79.12 and 79.15, they said. During the third Asian trading, the euro recovered from a one-month low against dollar but remained under pressure as investors braced for a European Central Bank rate cut this week.
The single European currency's gains were limited due to the recent threat of ratings downgrades for some euro-zone countries, with much of the day's recovery merely due to short-covering, traders said. Markets expected European Central Bank (ECB) would cut interest rates on Thursday by 50 basis points from the current 2.5 percent, to help fight the economic downturn.
OPEN MARKET RATES: The rupee moved up with 20 paisa gain versus dollar for buying at 78.80 while it was unchanged for selling at 79.30, dealers said. The euro gained 10 paisa for buying at Rs 104.50 and 110 paisa for selling at Rs 106.50, they said.
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Open Buying Rs 78.80
Open Selling Rs 79.30
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Interbank Closing Rates: Interbank Closing Rates For Dollar On Wednesday.
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Buying Rs 79.12
Selling Rs 79.15
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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 0.50 5.00 1.00 6.00 3.13
1-Week 9.00 10.00 9.50 10.50 9.75
2-Week 11.50 11.75 12.00 12.25 11.88
1-Month 12.00 12.50 12.25 12.75 12.38
2-Months 12.90 13.10 13.10 13.25 13.09
3-Months 13.25 13.75 13.60 13.90 13.63
4-Months 13.25 13.75 13.75 14.00 13.69
5-Months 13.50 13.75 13.75 14.00 13.75
6-Months 13.60 14.00 14.00 14.25 13.96
9-Months 13.90 14.20 14.25 14.50 14.21
1-Year 14.00 14.25 14.30 14.55 14.28
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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 2.00 8.00 3.00 8.50 5.38
1-Week 12.00 13.00 12.50 14.00 12.88
2-Week 12.00 13.50 13.00 14.00 13.13
1-Month 13.00 14.50 14.00 14.50 14.00
2-Months 14.00 15.00 15.00 15.50 14.88
3-Months 14.50 15.50 15.00 16.00 15.25
4-Months 15.00 15.50 15.50 16.00 15.50
5-Months 15.50 16.00 16.00 16.50 16.00
6-Months 15.50 16.50 16.50 17.00 16.38
9-Months 16.00 16.75 16.50 17.00 16.56
1-Year 16.50 16.75 16.75 17.50 16.88
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RUPEE IN LAHORE: The Pak rupee gained further strength and appreciated its worth by 30 paisa on buying side and 10 paisa on selling side in relation to the greenback in the Lahore currency market on Wednesday. The dollar remained under selling pressure and declined against the local currency. The dollar resumed trading at Rs 78.60 and Rs 79.40 as its buying and selling rates, respectively. At the end of trading, the dollar closed lower at Rs 78.50 and Rs 79.30 against the overnight closing of Rs 78.80 and Rs 79.40, respectively.
Likewise, the rupee increased its value against the pound sterling. The pound was traded at Rs 115.50 and Rs 117.00 as compared to Tuesday closing of Rs 116.00 and Rs 118.00 on buying and selling counters, respectively, the currency dealers said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar was up by 30 paisa against the rupee at the open currency markets of Islamabad and Rawalpindi on Wednesday. The dollar opened at Rs 78.80 (buying) and Rs 79.00 (selling) against the last rate of Rs 78.50 (buying) and Rs 78.80 (selling). It did not observe further change in the last trading hours closed at Rs 78.80 (buying) and Rs 79.00 (selling). Pound Sterling opened at Rs 118.00 (buying) and Rs 118.50 (selling) against last rate of Rs 117.00 (buying) and Rs 117.50 (selling). It did not observe further change in the last trading hours and closed at Rs 117.00 (buying) and Rs 118.00 (selling).
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