Recovery phase continued on the interbank market at the week-end as the rupee looked ahead versus dollar, gaining 30 paisa for buying at 79.00 and it also rose by 35 paisa for selling at 79.05, dealers said. As a result of dollars' selling, supply was improved and helped the rupee to re-gain its value, they said adding that exporters' dollar selling was also a positive factor behind the rupee firmness versus the US currency.
Commenting on the future direction, some currency viewers were of the opinion that the rupee may face modest devaluation in terms of dollar. In fact, textile exports fell by 14 percent in the month of December, which is the source of earning 60 percent of foreign exchange, they observed.
Besides, the banks will start oil payments from the next month, all these factors are indicating that the dollar demand will rise in the coming days, they said. At the weekend the US dollar touched a 23-year high against sterling and a six-week high versus euro as weak UK and eurozone data led investors to take refuge in the greenback. The dollar pared gains in late trading in New York as US stocks rebounded and crude prices surged, easing some risk aversion.
OPEN MARKET RATES: The rupee held its overnight firmness, gaining 30 paisa against dollar for buying at 79.20 and it also rose by 10 paisa for selling at 79.60, they said. The rupee, however, failed to perform the same in relation to euro, falling down by 20 paisa for selling at Rs 103.00 and also dipped by Re. one for selling at Rs 105.00, they said.
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Open Buying Rs 79.20
Open Selling Rs 79.60
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Interbank Closing Rates: Interbank Closing Rates For Dollar On Saturday.
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Buying Rs 79.00
Selling Rs 79.05
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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 7.50 9.50 8.00 10.00 8.75
1-Week 8.75 9.10 9.25 9.60 9.18
2-Week 10.00 10.50 10.50 10.75 10.44
1-Month 11.20 11.75 11.50 12.00 11.61
2-Months 12.25 12.65 12.75 13.00 12.66
3-Months 12.75 13.20 13.10 13.40 13.11
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 13.40 13.65 13.90 14.10 13.76
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 9.00 10.00 8.00 11.00 9.50
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 rupee-dollar parity remained unchanged amid sluggish trading in Lahore currency market on Saturday.
According to moneychangers, there was no visible change in dollar's demand and supply situation that helped rupee stability. The dollar witnessed fractional change in its value but closed at the opening level of Rs 79.30 and Rs 80.30 on buying and selling sides, respectively. However, the rupee improved against British pound. The pound's buying and selling rates slipped from overnight closing of Rs 113.00 and Rs 115.00 to Rs 112.00 and Rs 114.50 respectively, moneychangers said.
RUPEE IN ISLAMABAD AND RAWALPINDI: The rupee remained firm against dollar at the currency markets of Islamabad and Rawalpindi on Saturday. The dollar opened at Rs 79.40 (buying) and Rs 79.50 (selling) against last rate of Rs 79.80 (buying). It did not observe further change in the evening session and closed at Rs 79.40 (buying) and Rs 79.50 (selling). Pound sterling opened at Rs 118 (buying) and Rs 118.50 (selling) against same last rate. It did not observe further change in the evening session and closed at Rs 117 (buying) and Rs 118 (selling).
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